Pre-owned luxury fashion retailer Vestiaire Collective has completed a €40 million round of financing led by BPIFrance and new CEO Max Bittner.
The new round is expected to facilitate the launch of new technology solutions for the fashion ecosystem, empower its community through the lens of its platform, and fuel continued international growth.
The investment will sustain Asian growth momentum where Vestiaire sees a 140 per cent GMV growth in the second quarter of this year, as well as the recent launch of numerous new markets including Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil and Mexico.
Vestiaire Collective has expressed ambitions to revolutionise the industry, and will soon be launching tech and data-driven solutions to empower its global community, brands and retailers in driving the adoption of sustainable and circular consumption. The firm believes that resale holds a pivotal role in driving the fashion ecosystem towards a more sustainable behaviour.
This new round of funding confirms investor confidence in a large global opportunity for Vestiaire Collective’s business model. Currently, 79 per cent of the French-headquartered company’s transactions are already generated cross-border.
With the funding, Vestiaire Collective also plans to expand its international recruitment drive. Since the arrival of Max Bittner, the company has successfully recruited 120 new talents from more than 20 nationalities across six offices, with a specific emphasis on growing the tech and data teams.
Bittner said he plans to scale the business and continue to revolutionise the fashion industry together with 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”
“Vestiaire Collective is uniquely positioned to thrive from the shift of consumer behavior towards a circular economy and digital,” added BPIFrance principal Charlotte Corbaz. “We are delighted to support Max and his team in the transformation of the fashion industry. 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.”