Paris-headquartered Vestiaire Collective, a global platform for desirable second-hand fashion that witnessed its transaction volume grow over 100 per cent year on year last year, recently announced the completion of a new €178-million financing round, backed by global French luxury group Kering and US investment firm Tiger Global Management.
Existing shareholders, including Vestiaire Collective’s chief executive officer (CEO) Max Bittner, Bpifrance (Large Venture), Condé Nast, the Eurazeo Group (Eurazeo Growth and Idinvest Venture), certain funds managed by Fidelity International, Korelya Capital (backed by NAVER), Luxury Tech Fund (LTF & Cuir Invest) and Vitruvian Partners, also reinvested.Paris-headquartered Vestiaire Collective, a global platform for desirable second-hand fashion that witnessed its transaction volume grow over 100 per cent year on year last year, recently announced the completion of a new €178-million financing round, backed by global French luxury group Kering and US investment firm Tiger Global Management.#
The amount of secondhand pieces in people’s closets is predicted to grow from 21 per cent in 2021 to 27 per cent in 2023 with the value of the secondhand sector forecasted to be worth over $60 billion by 2025, a press release from Kering said.
“We are incredibly excited to welcome Kering and Tiger Global Management, both of which will be instrumental in our mission to build a more sustainable fashion industry and further grow our incredible global community,” said company CEO Maximilian Bittner.
Since its inception in 2009, Vestiaire Collective’s mission has been to extend the lifecycle of products in the fashion industry, supporting a disruptive move towards a circular economy by empowering a community of ‘fashion activists’ to drive profound change.
Fibre2Fashion News Desk (DS)
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