Vestiaire Collective closes another big round of funding
Paris-based luxury fashion resale website Vestiaire Collective has announced a €59 million round of financing.
The venture has nine million members across 90 countries. It has raised more than $240 million over the past year.
The new round brings onboard Korelya Capital, and funds managed by Fidelity International, Vaultier7, and Cuit Invest. Existing shareholders Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Max Bittner, also participated.
The cash will be used for the likes of expansion into Japan and Korea and also extending the launch of direct shipping service in the US. While the company started in France, 80% of transactions are now cross-border.
Bittner 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. Everyday, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future”
"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 of this upcoming disruption,” comments Paul Degueuse, General Partner at Korelya Capital.
“We are extremely enthusiastic to support it 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."