Q & A with Luxury Promise CEO

Chiswick Auctions is incredibly excited to be collaborating with Luxury Promise and their CEO, Sabrina Sadiq. Luxury Promise is an online marketplace specialising in premium and hard-to find bags. Together we have curated a 50-piece collection, featuring rare and exotic Hermes handbags in unusual and special-order colourways. We speak to Sabrina Sadiq, CEO of Luxury Promise and find out about the origins and ethos of her company and how she is incorporating artificial intelligence into her business.

How did you start Luxury Promise?

Luxury Promise was born through the love of handbags. After years of working as a luxury consultant I realised there were two big gaps missing in the market. Firstly, there isn’t a place to go to find out the value of your items; wouldn’t it be great to find out how much your wardrobe was worth? Secondly, there isn’t really a truly global re-selling platform and there so many parts of the world where the secondary pre-loved market is underserved.  Luxury Promise is here to fill in those gaps.

Who is the Luxury Promise Customer?

Luxury Promise is all about making luxury accessible and democratising luxury goods. This means our platform is accessible to anyone as we make it possible for people to buy and sell wherever they are in the world. This what I love about Luxury Promise. The power of digital allows anyone and everyone to have access to luxury, even in their own homes.

Lot 10. Hermes Rose Scheherazade Lisse Alligator Kelly Wallet. Estimate: £5,000-8,000

Lot 13. Hermes Special Order Bicolour Blue Electric Epsom Blue Constance III. Estimate: £8,000-12,000

How have you incorporated Artificial Intelligence (AI) into your business?

Prior to setting up Luxury Promise, I founded one of the first schools of authentication in Europe, teaching companies how to spot fakes and how to price items. I’ve collected a lot of data and information on valuations and authentication. One of my passions is to make sure that items are priced correctly and therefore you need an index and a valuation – and we do that with our AI.

Lot 28. Chanel Canvas Classic Top Handle Flap Bag. Estimate: £1,000-1,500

Lot 31. Chanel White Vinyl Vanity Bag. Estimate: £800-1,200

Can AI replace human authenticators?

Definitely not! We use AI as an enabler and not as a replacement to humans. All our items go through a triple check process. They are checked by our human authenticators and then the item is checked by the AI machine for pricing and authenticity. They work hand in hand.

Is the second hand market overtaking traditional retail?

Second hand has become the new first hand for consumers, especially Millennials and Gen Z, who are looking to sustainable fashion first. Consumers want to save money, give their items a longer lifespan, and make investments into experiences. The second hand market proves that luxury brands only sell products using the best materials as they stand the test of time. What’s better than buying a sustainable product that is great for the environment, makes you look and feel good and is an investment piece?

Lot 1. Chanel Burgundy Boy Brick Flap Bag. Estimate: £1,200-1,800

Why did you choose to work with Chiswick Auctions?

I wanted to combine old traditions with new thinking. We live in a digital world, but luxury should also be the experience. This auction combines the technology of Luxury Promise with the more traditional platform of an established auction house.

Chiswick Auctions x Luxury Promise, Tuesday 9th July at 2pm