Vestiaire Collective raises €59 million in latest round

In a moment like this, where the global economy, and the fashion industry, in particular, are struggling to face a pending crisis, online and sustainable shopping can be the answer, a profitable, smart, circular and responsible alternative to fast fashion.

What just happened at Vestiaire Collective confirms this. The pre-owned luxury platform announced that it has completed a €59 million financing round, supported by shareholders, but also by new investors such as Korelya Capital and managed funds Fidelity International, Vaultier7 and Cuir Invest. The new capital will be used to support the French company's expansion into Korea and Japan, the largest reselling market in the world, and to implement direct shipping to the United States. 

The company noted that warehouses and orders quickly returned to the pre-COVID-19 baseline, or even to a higher level. 

The current economic and ecological crisis are accelerating an existing shift in consumer mindset, driven by growing criticism of waste-producing business models, and increased desire for purpose-driven brand action. As a company, Vestiaire Collective is committed to limiting the waste produced by the fashion industry, by keeping clothes out of landfill and increasing the number of times they are worn today, for a better tomorrow. 

During this difficult period, consumers are increasingly moving towards circular business models, a trend that according to Max Bittner after the emergency will lead not only to an increase in online shopping but also to greater consumer awareness of the importance of pre-owned clothing. 

I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop, VC's CEO commented. Vestiaire Collective was built during the 2008 crisis, and proves today how it can help people in their daily life to make the most out of their belongings, but also to access fashion in a sustainable and conscious way. Everyday, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future.