Fifth Collection raises $2m in seed funding

Describing itself as a “re-commerce platform for luxury vintage fashion”, The Fifth Collection has raised S$2 million (US$1.4million) in seed funding from a group of investors from Asia and Europe.

Emerging-markets financier and digital venture capitalist Florian Fenner, who is focussed on Southeast Asia, is the lead investor. Other investors include Chris Evdemon, partner at Chinese venture capital firm Sinovation Ventures (formerly Innovation Works), and Asian alternative investments pioneer Peter Douglas.

Founded by husband-and-wife team Michael Finn and Nejla Matam-Finn in 2014, The Fifth Collection says its mission is to empower fashion lovers to enjoy greater style at outstanding value in an environmentally impactful way. It is an online marketplace/social luxury platform for luxury vintage fashion in Singapore, enabling users to continually upcycle their luxury wardrobe, from shoes and bags to clothes and even jewellery, in a discreet and simple manner. It offers more than 500 high-end brands including Alexander McQueen, Chanel, Hermes and Yves Saint Laurent.

“Our core value is authenticity,” says co-founder/CEO Matam-Finn. “Customers in this region are among the most sophisticated in the world. This approach takes more time, but we have been rewarded with 70 per cent repeat customer sales and an average order value of more than S$1000. ”

The Fifth Collection says it prides itself on its personalised service, product guarantees and authentication technology the firm funded and helped develop.

Co-founder Michael Finn says the new funds will augment the team of 10, invest in operations, marketing and technology to accelerate sales, and support the firm’s double-digit monthly growth.

The company says it has a growing base of collectors who regularly trade through the portal. It offers a value-added concierge service that includes authentication, quality checking, deluxe packaging, pricing recommendation, and returns handling.

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