Luxury Promise: Your one-stop destination for the world’s most exclusive & luxurious accessories powered by Artificial Intelligence
For the first time in the world of luxury pre-owned goods, an Artificial Intelligence system is being used to assist customers.
We all know that shopping for pre-owned luxury items isn’t easy, now find the perfect addition to your closet. A place where fashion lovers and shopping enthusiasts over the world can buy antique and luxury accessories.
The perfect destination for smart and savvy buyers. “Luxury Promise” is making premium luxury goods accessible to everyone.
You’re a lawyer-turned-entrepreneur, How did you come up with the idea to start ‘Luxury Promise”?
For me becoming an entrepreneur happened by chance. I always loved collecting vintage luxury handbags and one day, a client of mine wanted to buy the handbag I was wearing of my hands.
It was a vintage Hermes Kelly 28 in black and he told me his wife had been waiting for this bag for over 2 years.
Immediately the idea was born to make luxury accessible to all. So my quest to search the globe for pre-loved luxury accessories began. I knew this was what I was destined to do.
And just to point out this didn’t happen overnight. I began to build my network, learn more about the product, the authentication process and understanding the pre-loved market. A clear strategy and road map had to be drawn out and executed.
Tell us a little bit about ‘Luxury Promise’. Explain to our readers how Artificial Intelligence plays a role ?
Luxury Promise is a marketplace where people can buy and sell previously owned luxury goods from the comfort of their home using AI – artificial intelligence – to help them set a price against their items. Through our app, you can take a photo of your item, and we can give you an instant price.
We’re faster than any other platform of this sort. Ease and speed, in particular, is how we’re superior. We have a model catering to those who aren’t very tech-savvy or not interested in downloading the app and handling their own listing; we’ll manage that process, and even come to your house to collect the item. We provide a service for different types of people and try to find a solution for everyone.
How do you make sure that all the products/goods are authentic?
Our staff is highly trained with a combined 25-years of experience in authentication, so each item is meticulously checked by expert curators and authenticators. Each stitch, the hardware, the material, are all analyzed by us.
Once that’s been done, we run all our products through our AI technology, so we use advanced technology to help and enable the authentication process.
Once that’s been done, we run all our products through our AI technology, so we use advanced technology to help and enable the authentication process.
We use image recognition, we run each image against three million photos and a microscopical image which zooms in 320 times into the products and really look deep, past the naked eye so it’s a very thorough process. Two human authenticators and an AI machine.
Are there any brands which are particularly popular among the customers?
The top 3 brands that everyone loves worldwide are the 3 powerhouses which are Hermes, Chanel and Louis Vuitton. Classic bags are always in demand and at the same time, we believe them to be the bags which are investment pieces. They are always in demand and the demand is not affected by fast fashion trends. They will always be in demand.
How has the growth been so far and who have been your core customers?
We have been very lucky to have had customers from all over the world. We had a large number of clients from the Middle East which led to us open up a second office here in Dubai. And we are very happy to be here.
How do you think, what is the key thing that makes ‘Luxury Promise’ special? Tell me 3 things that you love about ‘Luxury Promise’?
This is what, I and the Luxury Promise team are extremely proud of. We are the first people in the world to use Artificial intelligence to price our items creating a pricing index for a 25 billion dollar market.
Our app is accessible by anyone and it helps people identify the value of the items in their wardrobe. We also use artificial intelligence as a third person to authenticate our items which has 98% accuracy. I have to highlight we use AI not as a replacement to humans but alongside our human experts.
The third point is that we are predominantly female-led tech company built alongside our amazing and supportive male team
What has been your biggest challenge while starting the company in Dubai? And how did you overcome it?
Time value… it is a lengthy process to get things up and running but once you get past that hurdle it’s great. There are so many networking opportunities here in Dubai as well as many tech hubs in Dubai and I love that there are so many inspiring startups out here.
What entrepreneurial tricks have you discovered to keep you focused and productive in your day-to-day busy schedule?
For me, it’s about finding the passion for doing what you love. When you are building your own business it’s like raising a child, it needs, time, love, care and a lot of patience.
Sometimes it doesn’t go the right way or you make a mistake, it’s a bit like teething…… It’s part of the process. The trick is learning the art of patience, which I have had to do and I am still learning.
What kind of work culture exists in your company and how did you establish it?
Creating a positive and happy environment. We are like one big family. When you establish a startup, it’s a bit of an emotional rollercoaster, so it is so important to have an environment where everyone is happy. The team love luxury and we all love what we do, so it’s great to work alongside passionate colleagues.
What key activities would you recommend entrepreneurs to invest their time in?
Network, Network, Network.
