Resale giant Vestiaire Collective has secured €59 million (£51m) in funding to help expand into Japan and Korea and develop its US shipping services.
The new funding will allow for the further acceleration of Vestiare Collective’s international business, as currently 80% of the French headquartered company’s transactions are already generated cross-border.
The round will also drive the company’s US ambitions to develop its stateside direct shipping model. The model launched in Europe in 2019 and currently, more than 50% of orders are fulfilled using the service.
It is planned to launch in the US in early summer followed by Asia and the end of 2020.
The funding is a result of the reinvestment of existing shareholders: Eurazeo, Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s chief executive, Max Bittner.
Additionally, the resale business has bought onboard new investors comprising: Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest.
With its new Asian investment partners Vestiare Collective is planning expansion towards Japan and Korea in 2020 and beyond.
The resale platform expects the current Covid-19 crisis to accelerate the adoption of online shopping with an increased focus on social values and resourcefulness in purchasing.
Vestiare Collective says it has seen deposits and orders rebound quickly to the pre-Covid-19 baseline or above.
Bittner commented: ”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”
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