The London-based start-up said the current economic climate had made it “impossible” to continue doing business.

In a statement on the company’s website, the luxury resale platform highlighted the rising cost of living and global economic crisis as key factors behind its decision to cease operations effective immediately.

The news comes months after the platform announced it had raised £7.5 million ($9.2 million) from backers including eBay’s venture arm.

The reseller, which specialised in high-end bags, watches and jewellery, will begin shipping unsold inventory back to sellers in the coming days, the statement on its website said.

Editor’s Note: This article was updated on April 21 2023, to clarify details about Cudoni’s fundraising.

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