Vestiaire Collective, the global community for luxury and premium pre-owned fashion, has announced plans to use some US$45.5 million new funding from investors to launch technological offerings on its platform. According to a press release, the company aims to empower its community through innovative tech and data-driven solutions and fuel continued international growth, and beyond.
The investment will help to sustain Vestiaire Collective’s Asian growth momentum, where it saw a 140% GMV growth in the second quarter of 2019, as well as its recent launch of new markets such as Thailand, Indonesia, and Malaysia. The round of financing is let by investment bank Bpifrance and new CEO, Max Bittner, who also looks to drive the adoption of sustainable and circular consumption among brands and retailers alike.
“I am personally very excited to scale the business and continue to revolutionise the fashion industry together with the co-founders Fanny Moizant and Sophie Hersan and the rest of the team. We want to build an international tech and data first company, leveraging Vestiaire Collective’s incredible brand and fashion DNA,” said Bittner.
The new round of funding confirms investors’ belief in the large global opportunity for Vestiaire Collective’s business model and will allow for further acceleration of its international business beyond the countries where the company’s community is already well established, added the press release. Currently, 79% of the French headquartered company’s transactions are already generated cross-border.
With the funding, Vestiaire Collective plans to expand its international recruitment drive. Since the arrival of Bittner in November 2018, the company has recruited 120 new talents from more than 20 nationalities across six offices, with a specific emphasis on growing the tech and data teams.
“We strongly believe its approach to combine tech and data to the fashion DNA of the company will allow them to become the worldwide leader in its market,” said Charlotte Corbaz, principal at Bpifrance.