Open For Vintage, the online platform for pre-loved designer goods, has secured €1.25 million (£1.13 million) in funding to support its expansion plans in the thriving resale market. This investment comes from angel investors and a crowdfunding campaign, and is part of a larger €10 million (£8.9 million) raise aimed at fueling further growth.
Unlike other companies in the space, Open For Vintage has taken a different approach to growth, prioritizing sustainable and scalable technology, as well as strategic partnerships, over a “growth at all costs” strategy. With this new funding, the company intends to make key hires and revamp its website to enhance the overall customer experience.
To support its expansion plans, Open For Vintage has brought on board two industry veterans. David Geraghty, a former board member and investor at Meta Platforms Ireland, will serve as a consultant, bringing his expertise to the table. Laura Fletcher, the former head of global communications at luxury brands Olivia von Halle and Victoria Beckham, has been appointed as the brand director, bringing her wealth of industry knowledge to further drive the company’s growth.
Founded in 2016 by Colin Saunders and James Loftus, Open For Vintage offers a wide range of pre-owned luxury fashion items, including jewelry, handbags, clothes, and watches from top brands such as Louis Vuitton, Gucci, Hermes, Dior, and Chanel. With offices in Dublin and London, the platform currently has over 30,000 products available for purchase from 70 boutique partners across 14 countries.
What sets Open For Vintage apart is its unique “customs inclusive” pricing model, which calculates the total costs at the point of purchase, eliminating any uncertainty for customers.
Colin Saunders emphasizes that the luxury resale market is expanding at an incredible rate, 11 times faster than traditional retail. Despite concerns over inflation, cost-of-living, and geopolitical tensions, the luxury industry continues to thrive. Brands like Chanel and Hermes have implemented price increases that have resulted in higher profits, a testament to the market’s resilience. Research from ResearchandMarkets.com further supports this growth, predicting that the market for second-hand resale items will reach a staggering $51 billion in 2026, up from $32 billion in 2021.
While Open For Vintage has placed a strong emphasis on technology and trusted partnerships in its early years, the company has seen significant growth in website traffic and average order value. Last year, website traffic increased by 22%, and the average order value has risen by 32% year-to-date to €1,113 (£978).
David Geraghty sees immense potential for Open For Vintage to achieve rapid global expansion by leveraging technology, building trust, and eliminating customs barriers. He believes that opening up luxury resale to new customers not only benefits sustainability and the environment, but also contributes to the long-term success of the business.
The expansion plans of Open For Vintage align with the growing interest in sustainable fashion and circular economy practices. As consumers become more conscious of the environmental impact of fast fashion, the luxury resale market presents an attractive alternative, allowing individuals to own high-quality designer items at a fraction of the original price. By focusing on technology and trusted partnerships, Open For Vintage aims to continue its success and establish itself as a leader in the thriving resale market.
Useful links:
– ResearchandMarkets.com report on the second-hand resale market: https://www.researchandmarkets.com/reports/5031494/handbags-market-by-material-leather-fabric-and?utm_source=BW&utm_medium=PressRelease&utm_code=p925dx&utm_campaign=1677743+-+Research+and+Markets&utm_exec=pbaaonprd
– Open For Vintage website: https://www.openforvintage.com/
