Pre-loved luxury fashion platform Vestiaire Collective has expanded its service into South Korea, aiming to gain an influence in the country’s burgeoning luxury market.
The localised service offers South Korean language and currency, local drop-off locations at accessible local convenience stores, and pick-up by local couriers. More than 25,000 new pieces will be added every day. The company also established a local office and a new authentication centre in Seoul, its fifth one after Tourcoing (France), New York, Hong Kong, and London.
“Vestiaire Collective’s launch in South Korea is significant as it’s the first time the platform is expanding a localised service to Asia,” the company said in a statement.
“South Korea is a very dynamic country leading global trends in tech, fashion and sustainability,” said Fanny Moizant, co-founder and president of Vestiaire Collective. “Launching in South Korea not only enables us to meet the huge demand in the resale market but also broadens the supply available to South Korean customers.”
The South Korea launch is part of Vestiaire Collective’s strategy to further deepen its influence in Asia. According to Bain & Company, South Korea’s luxury market is valued at US$15.2 billion and ranks one of the 10 largest markets for personal luxury goods.
“With its rapid growth and innovative multi-channel market, South Korea has such a great potential,” said Max Bittner, CEO of Vestiaire Collective. “We expect this strategic launch to highly benefit to other markets within the Asia-Pacific region.”
Founded in 2009 in Paris by Fanny Moizant and Sophie Hersan, Vestiaire Collective became a unicorn last year after rounds of investment from Naver-backed Korelya Capital, Kering Group, Tiger Management Global and others.
Earlier this year, the company acquired peer-to-peer US resale platform Tradesy.