Vestiaire Collective, the global community for luxury and premium pre-owned fashion, announced today the completion of a €40 million round of financing led by Bpifrance and new CEO, Max Bittner. The new round will facilitate the launch new technology solutions for the fashion ecosystem, empower its community through the lens of its platform and fuel continued international growth, and beyond.
Under the guidance of CEO, Max Bittner, Vestiaire Collective has huge ambitions to revolutionize the industry and will soon be launching innovative tech and data driven solutions to empower its global community, as well the brands and retailers alike in driving the adoption of sustainable and circular consumption. Resale is holding a pivotal role in driving the fashion ecosystem towards a more sustainable behaviour.
This 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. Currently, 79% of the French headquartered company’s transactions are already generated cross-border.
The investment will sustain Asian growth momentum where Vestiaire Collective sees a 140% GMV growth in Q2 2019, as well as the recent launch of numerous new markets including Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil and Mexico.
With the funding, Vestiaire Collective 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.