The global leader in luxury second-hand clothing and accessories, Parisian startup Vestiaire Collective announced on March 2, 2021 that it had successfully raised €178 million, becoming the latest French unicorn.
The round table was led by the French luxury group Kering, which acquired a stake of around 5% in the company’s capital, and by the American investment fund Tiger Global Management. The historic shareholders, Maximilian Bittner, the CEO of Vestiaire Collective, Bpifrance, Condé Nast and Eurazeo are also participating in this meeting.
The aim is to support the international growth of the new business, which aims to conquer the North American market. It also aims to reduce its carbon footprint and invest heavily in artificial intelligence by creating 155 jobs in the fields of data analysis, engineering, technology and product development.
From its inception in 2009, Vestiaire Collective has encouraged consumers to view resale as a smart and sustainable approach to fashion. With the rise of environmental awareness, buying second-hand luxury is more fashionable than ever, especially among young consumers. Its catalog provides access to nearly three million items.
The Covid-19 pandemic has triggered a rise in online sales: the online platform for the sale of second-hand luxury goods between individuals indicates that it doubled its volume of transactions in 2020, while its users increased from nine to 11 million. It employs more than 400 people in France, Germany, the United States and Hong Kong.