Resale site Cudoni has hired Michael Groffenberger as its first chief commercial officer. Groffenberger comes from popular retail site The Real Real. The news was reported by Business of Fashion.
Founded in 2017, Cudoni is working on becoming a major player in the secondhand fashion market space. The secondhand fashion market is projected to grow from 27 billion dollars to 57 billion dollars by 2025 according to a reporter by The Future of Fashion Resale.
Cudoni is very much a start-up in its early phases. The company has raised 9.6 billion dollars in venture capital from investors such as former Saks Fifth Avenue president Andrew Jennings and Charles Tyrwhitt’s founder Nicholas Wheeler.
To set itself apart from its competitor, Cudoni plans to take a special focus on watches and luxury jeweler. Groffenberger is considered an asset for this as he did run the watches and jewelry business at The Real Real for a period.