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Vestiaire, a Paris based resale fashion platform has announced its latest financing round. The latest round of funding comes at a time when the resale market is enjoying a renaissance. Vestiaire says its newfound cash will help it accelerate growth in the secondhand industry.
Vestiaire has already secured investment from Al Gore’s Generation Investment Management, Tiger Global Management, Kering, SoftBank, and other high profile tech investors. Its latest round of funding also includes funds from Fidelity International, Luxury Tech Fund via LTF & Cuir Invest, and Korelya Capital.
While the company’s current business model is centered around its online marketplace, Vestiaire is also a leader in other areas. For example, it recently launched a Brand Approved service, a program that authenticates products before they reach buyers. Also, it is working on a local to local shipping scheme that will reduce the distance between seller and buyer Fashioncolthing.
Several other strategic initiatives are in the works, including an improved customer experience, the introduction of a digital wallet that will encourage reinvestment in preowned merchandise, and the introduction of a new Buy-back circular solution for brands.
Vestiaire Collective is a secondhand e-tailer. The company has garnered a lot of attention in the fashion sphere as well as tech. The company has a stellar product, a global community, and a slew of big name investors. Among them are Kering, Gucci, and Saint Laurent. They are all about the latest and greatest and have embraced the changes sweeping the industry.
The company has also embraced its mission statement to be a sustainable, transparent, and trustworthy business. This includes offering employees five employee diversity task forces, an impressive 15-hour community service program, a digital wallet function to incentivize reinvesting in pre-owned, and a suite of strategic initiatives. With a value of more than 216 million, the company is a prime candidate to capture a growing share of the global resale market.
To further its sustainability credentials, the company has applied for B corp certification. It is the company’s commitment to becoming an exemplary enterprise that has led it to an enviable list of accolades and achievements Fashionworldnow.
Expansion into new markets
Vestiaire Collective is a global online marketplace for pre-owned luxury fashion. Vestiaire has offices in New York, Paris, London and Hong Kong. Its mission is to promote the circular fashion movement. The company was founded in 2009 and now has over 9 million users in 90 countries.
Vestiaire plans to expand into Asian markets. This includes Saudi Arabia, Mexico, and India. Also, Vestiaire will open a new authentication center in the Los Angeles area. They will also launch Direct Shipping services in the US.
According to Vestiaire, it has a rare inventory of 3 million items. Their average purchase basket is EUR400. And they charge a small authentication fee to vendors.
Vestiaire plans to leverage the expertise of Korean tech company Naver. Naver owns the search engine Line in Japan and held 40% of the market share in South Korea in 2018. Tradesy, another pioneer in the fashion resale industry, was founded by two women entrepreneurs in 2009.
Together, Vestiaire Collective and Tradesy have a mission to accelerate the growth of the circular fashion economy. In a recent announcement, the companies will become one large peer-to-peer marketplace with a catalogue of five million products.
Technology and data innovation roadmap
Vestiaire Collective is a global community of ‘fashion activists’ who share a common goal to drive change in fashion consumption. Its mission is to transform the entire industry towards a more sustainable and circular way of life. Through data-driven solutions, it plans to improve user experience, build a better marketplace, and empower retailers, brands, and consumers. Using funding, it will expand its technology and data innovation roadmap to support this mission Magazinefacts.
The Vestiaire Collective has created several strategic initiatives to accelerate growth and drive consumer awareness. They include expanding their Direct Shipping service, launching a new product, and partnering with renowned “fashion activists”. Currently, it generates 79% of cross-border transactions and has already saved 1,150 tons of CO2 since its launch. To further streamline its operations, it has recently completed a full lifecycle assessment, and is working on a carbon emissions reduction roadmap. By the end of 2026, Vestiaire Collective plans to be completely carbon neutral Fashionslog.