Vestiaire Collective announced that they have raised another $45 million in funding which they will use for expansion and innovative and sustainable tech solutions for the fashion ecosystem. While the money will help, cracking the US market in this industry has been extremely difficult for other players and especially with the news on Fashionphile and Neiman Marcus along with The RealReal IPO, I can’t imagine what they would have to come up with to make a solid hit here.
From their Press Release:
PARIS, June 20, 2019 /PRNewswire/ —
- Bpifrance leads the funding round, alongside new Vestiaire Collective CEO Max Bittner
- Existing shareholders Eurazeo Growth, Vitruvian Partners, Idinvest Partners and Balderton Capital also reinvested in the round
- The round will be used to:
- Provide innovative and sustainable tech solutions for the fashion ecosystem and empower Vestiaire Collective’s global community
- Continue to fuel the company’s international growth and hiring
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. It would be fair to think that this international expansion will be fuelled by the additional talent that this funding will likely pay for. With the help of foreign employment specialists (click here to find out more!) we can expect that €40 million to be put to good use to show Vestiaire Collective to the world.
Under the guidance of the 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 as 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.
Max Bittner, CEO of Vestiaire Collective said:
“I am personally very excited to scale the business and continue to revolutionize 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. We would like to thank Bpifrance and our existing shareholders for their amazing support.”
Charlotte Corbaz, Principal at Bpifrance, said:
“Vestiaire Collective is uniquely positioned to thrive from the shift of consumer behavior towards a circular economy and digital. 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.”