Kering and Tiger Global Management invest in Vestiaire Collective

Paris-based luxury fashion resale website Vestiaire Collective has announced a $216 million financing round backed by Gucci owner Kering and US investment firm Tiger Global Management.

This values it at over $1 billion.

Existing shareholders, including Vestiaire Collective’s CEO, Max Bittner, Bpifrance, Eurazeo Group, and Condé Nast, also took part.

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Bittner comments: “This latest round of investment confirms the incredible trajectory of Vestiaire Collective. Founded during the 2008 crisis, the model has clearly demonstrated its ability to continue to thrive during challenging conditions.”

He adds: “The resale sector as a whole is experiencing rapid growth, especially amongst Millennial and Gen Z consumers, which will come to shape the retail landscape of the future.”

“We are incredibly excited to welcome Kering and Tiger Global Management, both of which will be instrumental in our mission to build a more sustainable fashion industry and further grow our incredible global community”.

François-Henri Pinault, Chairman and CEO at Kering, says: “Pre-owned luxury is now a real and deeply rooted trend, especially among younger customers.”

“Rather than ignoring it, our wish is to seize this opportunity to enhance the value we offer our customers and influence the future of our industry towards more innovative and more sustainable practices.”

“This fits naturally with our entrepreneurial spirit, our pioneering sustainability strategy, and our modern vision of luxury.”