Ahead of Earth day’s 50th anniversary, Vestiaire Collective, the global platform for desirable pre-owned fashion has raised €59 million funding recently, bringing the total amount raised to €219 million.
The financing round consists of a huge investor’s list including Korelya Capital, Fidelity International-managed funds, Vaultier7, Cuit Invest, and existing investors Eurazeo, Bpifrance, Vitruvian Partners, Condé Nast, Luxury Tech Fund and Vestiaire Collective CEO Max Bittner.
Max Bittner, Vestiaire Collective’s CEO comments:
“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop. Vestiaire Collective was built during the 2008 crisis and proves today how it can help people in their daily life to make the most out of their belongings, but also to access fashion in a sustainable and conscious way. Every day, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future”
Based out of Paris, Vestiaire Collective aims to limit waste produced by the fashion industry, by keeping clothes out of the landfill and increasing the number of times they are worn today, for a better tomorrow.
With the funding, the French company intends to continue transforming the fashion system while offering a smart, circular and responsible alternative to throw-away fashion. Additionally, the company also plans to explore the expansion of the global business into Japan and Korea through Korelya Capital, backed by Naver and expand the launch of direct shipping service in the US.
Paul Degueuse, General Partner of Korelya Capital says,
“As we all take a step back and contemplate the way we live, we believe consumption patterns are on the verge of a deep structural evolution, and C2C platforms have a strong role to play here. We see in Vestiaire Collective an emerging leader and catalyst for this upcoming disruption. We are extremely enthusiastic to support the Vestiaire Collective and its founders in its expansion. There are tremendous opportunities for growth in Asia, and we look forward to helping the company accelerate its expansion in this part of the globe.”
According to the company claims, currently, over 80% of the French headquartered company’s transactions are already generated cross-border. Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently, already over 50% of orders in the EU are fulfilled through the new service, which is also growing at a rate of +60% MoM. The model will be launched in the United States in early summer followed by Asia before the end of 2020.
Vestiairecollective.com has over 9 million members across 90 countries worldwide with offices in Paris, London, New York, Milan, Berlin, and Hong Kong. Over 60,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces whilst participating in the circular fashion movement.
Vaultier7 comments:
“Vestiaire Collective has transformed the way people consume desirable and luxury fashion with its trusted and inspirational resale model and we are truly proud to be there at this time to support them in their mission, and support buyers and sellers across the globe on their path to cautious, minded consumption, values which are more important than ever and which are at the core of Vaultier7.”
Frank Boehly, Président of SIC SA investor Cuir Invest, says,
“Cuir Invest is happy to support Vestiaire Collective, as it is a company with an impressive management team, and huge growth potential. We have been impressed by the technical quality of the solution, by the quality and the dynamism of the management team, and by their intelligent and sustainable approach to fashion. We truly believe that Vestiaire Collective can become the world leader in their sector.”
Main image credits: Vestiaire Collective
Stay tuned to Silicon Canals for more European technology news