Follow us

Menu
PARTNER WITH USFREE NEWSLETTER

Vestiaire Collective raises €40m to fund international growth

Lauretta Roberts
20 June 2019

Premium fashion resale platform Vestiaire Collective has raised €40m to fuel further international growth in a funding round led by led by Bpifrance and the company's new CEO, Max Bittner.

Bittner joined the company last autumn from Lazada Group, the leading South East Asian e-commerce company that he founded. He said the latest injection of funds into Vestiaire Collective would also be used for launching innovative tech and data driven solutions and driving the adoption of sustainable and circular consumption.

The French business says that 79% of its sales are already "cross border" and it will be using the funds to sustain its growth in Asia where it has achieved a 140% GMV growth in Q2 2019. It has also recently launched in new markets such as Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil and Mexico.

Vestiaire Collective is also expanding its team. Since Bittner's arrival the company has successfully recruited 120 new team members 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 revolutionise 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, added: "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."

The business was founded in Paris in 2009 and now counts 8m customers in more than 50 countries worldwide. More than 40,000 items are uploaded for sale on the site each week. Its current investors also include Condé Nast International and Ventech.

Read More
Free Newsletter
cross