Fashion resale site Vestiaire Collective has raised $64 million round of financing.
The retailer plans to use the money to further its international business beyond the countries where the company’s community is already well established. Currently, over 80 percent of the French headquartered company’s transactions are already generated cross-border.
Korelya Capital, which is backed by Korean technology conglomerate Naver, will help Vestiaire Collective to explore its expansion in Japan, the biggest resale market in the world, and Korea this year.
This round will also help its growth in the U.S. market and further develop its direct shipping model. Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently, already over 50 percent 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.
“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop,” said Max Bittner, CEO of Vestiaire Collective. “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,” added Paul Degueuse, general partner of Korelya Capital. “We see in Vestiaire Collective an emerging leader and catalyst of this upcoming disruption. We are extremely enthusiastic to support 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.”