Date Posted: Tuesday 2nd March 2021
Global platform for second-hand fashion Vestiaire Collective has announced the completion of a new €178 million financing round, backed by global French luxury group Kering and US investment firm Tiger Global Management. Following a strong year that saw the platform’s transaction volume grow over 100% year-on-year, this financing round grants Vestiaire Collective unicorn status and ideally positions it for its next cycle of accelerated growth.
It has been reported that the pre-owned fashion sector has experienced rapid growth over the last three years with further acceleration during the pandemic. This has been predominantly driven by younger consumers' increased focus on sustainability and a growing trend for social shopping and online communities. "The amount of secondhand pieces in people’s closets is predicted to grow from 21% in 2021 to 27% in 2023 with the value of the secondhand sector forecasted to be worth over $60 billion by 2025."
Maximilian Bittner, Vestiaire Collective’s CEO commented: "This latest round of investment confirms the incredible trajectory of Vestiaire Collective, founded during the 2008 crisis, the model has clearly demonstrated its ability to continue to thrive during challenging conditions. The resale sector as a whole is experiencing rapid growth, especially amongst Millennial and Gen Z consumers, which will come to shape the retail landscape of the future. We are incredibly excited to welcome Kering and Tiger Global Management, both of which will be instrumental in our mission to build a more sustainable fashion industry and further grow our incredible global community."
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