Circular fashion start-up Luxury Exchange achieved turnover of €1m last year and is on track to quadruple its revenue to €4m in 2025.

The Cork-based company was started by Caitriona McGettigan and Cillian Moloney during the pandemic to resell luxury fashion items from brands such as Louis Vuitton, Chanel and Dior for affordable prices online.

All items are authenticated using the product verification software Entrupy.

"Preloved" items sell for 10-20% less than market average, and the company has "maximised" the Instagram broadcast channel to attract a growing customer base.

The company's impressions on Instagram increased 100-fold from March 2024 (30,000) to the same month this year (3m), and it claims repeat customer rate of 88%.

“I started Luxury Exchange having noticed a growing appetite from customers to resell luxury goods. I’ve always had a love for luxury fashion, especially when it came at a great deal," explained McGettigan.

"The concept of resale always appealed to me. I noticed a pattern during my time as a visual merchandiser for Zadig & Voltaire. So many customers would tell me they felt guilty buying something new when they already had beautiful pieces at home they hadn’t worn or had only worn once, but felt they were too valuable to simply give away. I remember thinking that I’d love to buy those pieces from them. In many ways, I was my own first customer.

"Our approach has given us the opportunity to create friendly luxury, in every sense. Our items are more affordable and we sell to our community of customers directly, often through live broadcasts on social platforms.

"Everything about Luxury Exchange is personal. We are building lasting relationships with customers and that is a testament to the growth we have experienced.”

As the next step in its business progression, Luxury Exchange will hold its first in-person pop-up in Dublin from 22-25 May.

A curated collection of items will be made available at Studio 10 on Wicklow Street for four days, and demand is expected to be high.

"The Luxury Exchange edit is carefully curated to meet the needs of our customers. Taking something that started as a lockdown hobby and growing it to a business with global appeal has been incredible," said Moloney.

"To date we have sold to customers in over 30 countries. We’re excited to meet our customers in person for the first time at the pop-up and maintain the growth trajectory of Luxury Exchange by continuing to maximise digital tools and offering unparalleled value and service.”

Photo: (l-r) Caitriona McGettigan and Cillian Moloney. (Pic: Supplied)