Paris-based fashion marketplace Vestiaire Collective has landed a €40 million investment in its Series F Round. The financing round was led by French investment bank Bpifrance and new CEO Max Bittner. The new funds will go towards the launch of new technology solutions for the fashion industry, as well as international expansion of the company.
Luxury Fashion at Vestiaire Collective
Vestiaire Collective is an online fashion marketplace for high-end and luxury pre-owned clothing and accessories. Its customers can buy and sell luxury fashion products on the platform.
In its 10 years as a company, Vestiaire Collective has become the leading global resale site for premium fashion. The startup has amassed 7.5 million users in 50 countries worldwide, and its community of sellers submits over 30,000 new items every week. This gives buyers access to over 3000 new fashion pieces per day.
After this latest investment, Vestiaire Collective wants to become a truly global marketplace. The company is already popular in mainstream markets such as France, Germany, and the UK, but hopes to gain a bigger presence in the Asian market.
The Asian marketplace has already seen a 140% GMV growth in 2019, and new markets have been established in Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, and Israel.
The company plans to expand its international recruitment drive, building on the work CEO Max Bittner has done to bring in 120 new staff from more than 20 nationalities across the firm’s six offices – Paris, London, New York, Milan, Berlin, and Hong Kong.
In addition, to coincide with the ambition to revolutionise the online fashion industry with new technologies, the recruitment will have an emphasis on expanding the tech and data teams. As a result, tech and data-driven solutions to empower its global community are in the pipeline.
“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,” said Bittner. “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.”