Vestiaire Collective secures new credit facility
Paris-based Vestiaire Collective, the luxury fashion platform, has secured a £64.4 million (€75 million) credit facility from Crédit Agricole CIB, Societe Generale, HSBC, Bank of America, and Goldman Sachs.
Max Bittner, Vestiaire Collective CEO and Chairman, said in a LinkedIn post that 2022 had been "an exciting journey" for the business, such as the acquisition of Tradesy and its launch in South Korea. Now with a new credit facility, he describes the business as "looking at 2023 with great confidence".
Speaking about the credit facilities, Bittner said: "In what is quite a challenging macro environment, getting support from such a group of top international banks highlights the tremendous progress our team has made over the recent years.
"With second-hand gaining ground every day and everywhere, Vestiaire Collective is better positioned than ever to accelerate the transformation of the fashion industry for a more sustainable future."
In September 2022, Vestiaire Collective raised a further £152.8 million (€178 million) in new investment, six months after a previous funding round. It means the firm is now valued at approximately £1.39 billion.
The business recently announced a ban on the resale of fast fashion on its global platform as part of its mission to "fight fashion waste". The company said it was inspired to make the move following a trip in October of this year to Kantamanto in Ghana where 15 million of items of unwanted fashion arrive every week.