Vestiaire Collective raises US$64 million in fresh funds
Vestiaire Collective has raised US$64.1 million in its new funding, with new investors Korelya Capital backed by Korean technology giant Naver, operator of Line.
Managed by Fidelity International, Vaultier7 and Cuir Invest, the funds will be used to accelerate Vestiaire Collective’s international business beyond the countries where the company’s community is already well established, the company said in a statement.
With Korelya Capital as a new investor, which is backed by Korean conglomerate Naver, the company hopes to expand its network to Japan and Korea next year.
“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.”
The round will also be used to expand its direct-shipping service launch in the US this summer followed by Asia later this year, after its successful launch in Europe last year with the growing rate of more than 60 per cent month on month.
“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,” said Paul Degueuse, general partner of Korelya Capital.
During the Covid-19 pandemic, Vestiaire Collective launched coronavirus charity sales in the US, European and Asian countries, including Hong Kong and Singapore recently.
Founded in Paris in 2009, Vestiaire Collective is an online platform offering pre-owned luxury fashion items with the ambition to change the fashion industry to a smarter and circular system. Vestiaire Collective now has more than 9 million members from more than 90 countries across Europe, the US, Asia and Australia, with 60,000 new items submitted every week.