Vestiaire Collective and the Fund
Vestiaire Collective has closed another decent round of funding in the middle of this economic crisis, which has happened because of COVID-19. The round is closed during the early days of this month. According to the Crunchbase, the startup has raised $64.2 million, and the company has elevated more than 209 million euros. Vestiaire Collective manages a marketplace that pre-owns fashion items. Users can either buy or sell clothes along with accessories on the platform.
There is also a gigantic list of investors in today’s round including Fidelity International-managed funds, Korelya Capital, Cuit Invest, Vaultier7 as well as existing investors named Eurazeo, Vitruvian Partners, Bpifrance, Luxury Tech Fund, Conde Nast, and Vestiaire Collective CEO, Max Bittner, are taking part.
Second-Hand Fashion Platform
With 9 million members throughout 90 countries, the startup, Vestiaire Collective has become a large marketplace. Also, it makes sense that the eCommerce website concentrated on pre-owned items is working better. There has also been a lot of backlash against fast fashion for the past few years.
The company, Vestiaire Collective, will utilize the new influx of money, as usual, to extend to even more countries. Specifically, with this Korelya Capital, it can expand the business to South Korea and Japan. The company started in France, but 80% of the transactions are a cross-border transaction.
The company, originally, asked the people to send their items to the warehouses to inspect them before putting on sale. The startup has been continuing betting on straight shipping from seller to the buyer across Europe, and amazingly, it has been working good.
As always, Vestiaire Collective will use the new influx of cash to expand to more countries. In particular, with Korelya Capital as a new backer, the company will expand to South Korea and Japan this year. While the company started in France, 80% of transactions are now cross-border transactions. People can get repaid if there is anything wrong with their orders.
