Vestiaire Collective, the leading online marketplace for luxury second-hand items, is marking its tenth anniversary this year with a major fundraising round. The second-hand market is predicted to double its growth by 2023, reaching $51 billion, according to a study by ThredUP, creating numerous opportunities for luxury brands to engage in this sector. One company taking advantage of these opportunities is LVMH, which is reportedly developing its own blockchain traceability tool, along with other established and emerging players in the market. Vestiaire Collective, with its decade of experience, is also a key player in this industry.
Founded in late 2009, the French company has already raised €116 million since its inception and has now secured an additional €40 million to support its expansion. Led by BPI France, with support from Eurazeo Growth, Vitruvian Partners, Idinvest Partners, and Balderton Capital, this funding round will drive the company’s international growth. Currently, over 79% of Vestiaire Collective’s transactions are cross-border, with the next focus being on Asia. Sales in this region have grown by 140% in the second quarter of 2019. The company aims to strengthen its presence in existing countries and expand into new territories such as Taiwan, Thailand, Indonesia, India, and Malaysia. Additionally, Vestiaire Collective plans to extend its services to the United Arab Emirates, Saudi Arabia, Israel, Brazil, and Mexico.
The funds raised will support the platform’s technological acceleration and its innovations in data collection, management, and usage. Vestiaire Collective acts as an intermediary between sellers and buyers, certifying the authenticity and condition of luxury items. With over 8 million members across 50 countries and more than 300 employees, the company operates in major cities including Paris, London, Berlin, Milan, New York, and Hong Kong. Each day, it facilitates nearly 5,500 transactions on its website.
For more information on Vestiaire Collective and the opportunities in the second-hand market, you can check out our dedicated White Paper.
Featured Image: © Vestiaire Collective
Useful links:
– Vestiaire Collective
– ThredUP
