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Tag: Vestiaire Collective

  • Vestiaire Collective launches in South Korea

    Vestiaire Collective launches in South Korea

    Online fashion resale platform Vestiaire Collective said on Wednesday it is expanding into South Korea, choosing the fast-growing luxury market as a springboard for a deeper push into Asia.

    The expansion of the Paris-based tech start-up that hit unicorn status last year comes as pre-owned fashion sales continue to grow quickly, fuelled by young, environmentally conscious shoppers seeking bargains for second-hand clothing.

    The platform will be available in Korean and the company is adding an authentication site to its operations in Seoul.

    While luxury labels have traditionally been wary of secondhand sellers, an increasing number are exploring ways of getting involved in the market, partly as a way to engage with younger consumers or to provide an extra service to high-spending shoppers.

    Investors in Vestiaire Collective include French luxury group Kering SA which took a 5% stake last year, as well as private equity firm Eurazeo SE, Japan’s SoftBank Group, U.S. investment firm Tiger Global Management and Vogue publisher Conde Nast.

    Founded in Paris in 2009, the platform sells fashion and leather accessories from luxury labels such as Louis Vuitton, Gucci, Prada and Dior, and in May marked its highest transaction – a Birkin handbag from Hermes that sold for 158,000 euros

  • Vestiaire Collective kicking off on Zalora

    Vestiaire Collective kicking off on Zalora

    Fashion e-tailer Zalora has partnered with global pre-owned fashion platform Vestiaire Collective.

    Zalora’s Hong Kong customers can now access more than 5000 authenticated Vestiaire items across womens’ and mens’ categories via the firm’s website and app. Plans are currently in place to extend the offering to other Zalora markets.

    The partnership is an effort to promote circular fashion, intending to inspire consumers to be more conscious of their consumption habits. All Vestiaire products listed on Zalora undergo two rounds of checks to ensure authenticity and quality. All orders are fulfilled by Zalora’s own delivery network.

    “Zalora is committed to promoting sustainability in the region and is determined to shape a sustainable fashion ecosystem,” said Zalora CEO Gunjan Soni. “Companies now need to work together to evolve from just reducing the impact to making a positive impact.

    “Our partnership with Vestiaire Collective effectively expands our pre-loved category, offering more choices to our Zalora shoppers and giving them a chance to partake in joining the circular fashion movement.”

    “Vestiaire Collective is excited to partner with Zalora to further increase our local footprint of circular fashion within Asia,” said Vestiaire’s APAC chief regional officer Pierre Everling. “Sustainability is one of the founding pillars of our business and we’re thrilled to open the doors of pre-loved fashion to more users in new markets, allowing more people to embrace circularity in their daily lives.”

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  • Vestiaire Collective raises US$64 million in fresh funds

    Vestiaire Collective raises US$64 million in fresh funds

    Vestiaire Collective has raised US$64.1 million in its new funding, with new investors Korelya Capital backed by Korean technology giant Naver, operator of Line.

    Managed by Fidelity International, Vaultier7 and Cuir Invest, the funds will be used to accelerate Vestiaire Collective’s international business beyond the countries where the company’s community is already well established, the company said in a statement.

    With Korelya Capital as a new investor, which is backed by Korean conglomerate Naver, the company hopes to expand its network to Japan and Korea next year.

    “I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop,” said Max Bittner, CEO of Vestiaire Collective. “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.”

    The round will also be used to expand its direct-shipping service launch in the US this summer followed by Asia later this year, after its successful launch in Europe last year with the growing rate of more than 60 percent month on month.

    “As we all take a step back and contemplate the way we live, we believe consumption patterns are on the verge of a deep structural evolution, and C2C platforms have a strong role to play here,” said Paul Degueuse, general partner of Korelya Capital.

    During the Covid-19 pandemic, Vestiaire Collective launched coronavirus charity sales in the US, European and Asian countries, including Hong Kong and Singapore recently.

    Founded in Paris in 2009, Vestiaire Collective is an online platform offering pre-owned luxury fashion items with the ambition to change the fashion industry to a smarter and more circular system. Vestiaire Collective now has more than 9 million members from more than 90 countries across Europe, the US, Asia and Australia, with 60,000 new items submitted every week.

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  • Vestiaire Collective charity sale in Singapore and Hong Kong kicked off

    Vestiaire Collective charity sale in Singapore and Hong Kong kicked off

    Vestiaire Collective is bringing its coronavirus charity sale to Singapore and Hong Kong this week after launching in US and European countries on April 1.

    The pre-owned luxury fashion platform has partnered with local influencers including Nicola Cheung Young (pictured above), Angie Ng, Antonia Li, Faye Tsui, Justine Lee and Jonathan Cheung to offer their luxury items.

    “At Vestiaire Collective, we stand with everyone affected, and we want to do whatever we can to assist in reducing the impact of Covid-19,” the company said in a statement.

    According to Vestiaire Collective, all proceeds from the sale will be contributed to the Hong Kong and Singapore Red Cross organizations.

    The Collective Charity sale in Singapore and Hong Kong will last for 15 days starting from tomorrow, April 10.

  • Vestiaire Collective launches coronavirus charity sale

    Vestiaire Collective launches coronavirus charity sale

    Vestiaire Collective, the online platform for pre-owned luxury fashion, has launched a charity sale to support the fight against coronavirus.

    Vestiaire Collective has partnered with more than 50 influential celebrities, including Kate Moss, Rachel Weisz, Thandie Newton, Anna Dello Russo and Charlotte Tilbury, to offer luxury pieces from their wardrobes.

    Some items were already sold on the first day of the sale such as leopard print faux fur coat from Kate Moss or a Penny Packham maxi dress from Charlotte Tilbury.

    “We’re doing everything we can to combat the effects of the virus with our community, and to help fight it with charity fundraising,” the company said in a statement.

    According to the company, all proceeds from the sale will be used to support hospitals and scientific researchers working on coronavirus, including the World Health Organization, the Italian Lombardia Region Fundraising, the France/Paris Hospitals Foundation and Madrid’s La Paz Hospital.

    Founded in Paris in 2009, Vestiaire Collective now has more than 7 million members from more than 50 countries across Europe, the US, Asia and Australia, with 25,000 new items submitted every week.

  • Fresh capital for Vestiaire Collective to fund Asian expansion

    Fresh capital for Vestiaire Collective to fund Asian expansion

    Pre-owned luxury fashion retailer Vestiaire Collective has completed a €40 million round of financing led by BPIFrance and new CEO Max Bittner.

    The new round is expected to facilitate the launch of new technology solutions for the fashion ecosystem, empower its community through the lens of its platform, and fuel continued international growth.

    The investment will sustain Asian growth momentum where Vestiaire sees a 140 per cent GMV growth in the second quarter of this year, as well as the recent launch of numerous new markets including Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil and Mexico.

    Vestiaire Collective has expressed ambitions to revolutionise the industry, and will soon be launching tech and data-driven solutions to empower its global community, brands and retailers in driving the adoption of sustainable and circular consumption. The firm believes that resale holds a pivotal role in driving the fashion ecosystem towards a more sustainable behaviour.

    This new round of funding confirms investor confidence in a large global opportunity for Vestiaire Collective’s business model. Currently, 79 per cent of the French-headquartered company’s transactions are already generated cross-border.

    With the funding, Vestiaire Collective also plans to expand its international recruitment drive. Since the arrival of Max Bittner, the company has successfully recruited 120 new talents from more than 20 nationalities across six offices, with a specific emphasis on growing the tech and data teams.

    Bittner said he plans to scale the business and continue to revolutionise the fashion industry together with co-founders Fanny Moizant and Sophie Hersan and the rest of the team.

    “We want to build an international tech and data first company, leveraging Vestiaire Collective’s incredible brand and fashion DNA”

    “Vestiaire Collective is uniquely positioned to thrive from the shift of consumer behavior towards a circular economy and digital,” added BPIFrance principal Charlotte Corbaz. “We are delighted to support Max and his team in the transformation of the fashion industry. We strongly believe its approach to combine tech and data to the fashion DNA of the company will allow them to become the worldwide leader in its market.”

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  • Vestiaire Collective raises €40 million additional funding to provide technology solutions for the fashion ecosystem

    Vestiaire Collective raises €40 million additional funding to provide technology solutions for the fashion ecosystem

    Vestiaire Collective, the global community for luxury and premium pre-owned fashion, announced today the completion of a €40 million round of financing led by Bpifrance and new CEO, Max Bittner. The new round will facilitate the launch new technology solutions for the fashion ecosystem, empower its community through the lens of its platform and fuel continued international growth, and beyond.

    Under the guidance of CEO, Max Bittner, Vestiaire Collective has huge ambitions to revolutionize the industry and will soon be launching innovative tech and data driven solutions to empower its global community, as well the brands and retailers alike in driving the adoption of sustainable and circular consumption. Resale is holding a pivotal role in driving the fashion ecosystem towards a more sustainable behaviour.

    This new round of funding confirms investors’ belief in the large global opportunity for Vestiaire Collective’s business model and will allow for further acceleration of its international business beyond the countries where the company’s community is already well established. Currently, 79% of the French headquartered company’s transactions are already generated cross-border.

    The investment will sustain Asian growth momentum where Vestiaire Collective sees a 140% GMV growth in Q2 2019, as well as the recent launch of numerous new markets including Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil and Mexico.

    With the funding, Vestiaire Collective plans to expand its international recruitment drive. Since the arrival of Max Bittner, the company has successfully recruited 120 new talents from more than 20 nationalities across six offices, with a specific emphasis on growing the tech and data teams.

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  • Vestiaire Collective overhauls commission structure, cementing its position as the most desirable fashion site

    Vestiaire Collective overhauls commission structure, cementing its position as the most desirable fashion site

    Vestiaire Collective, the leading global resale site for desirable pre-owned fashion today reveals substantial changes to its commission structure. The move will significantly reduce the cost of pieces across the site’s desirable inventory, ensuring that Vestiaire Collective is the most appealing resale site for buyers and sellers alike.

    The resale industry is currently estimated to be around 8% of the 260€ billion luxury market* with forecasters predicting that the industry will double in size by 2022. As more fashion consumers turn to resale as a sustainable way to access the products they desire, the next few years will prove to be a turning point for the industry and consumers alike. With its strong fashion DNA, Vestiaire Collective is perfectly placed to capture this market, offering a unique desirable inventory, engaged global community and rigorous quality and authenticity checks.

    As part of the new vision for the company, under the leadership of new CEO Max Bittner, Vestiaire Collective reveals a significant overhaul of its commission structure, ensuring that Vestiaire Collective remains the most competitive resale site in the market. The new changes will reduce Vestiaire Collective’s commission and prices by an average of 10% across the catalogue, meaning the price of its highly desirable inventory will be made significantly more accessible overnight. The commission drop will also positively impact sellers who will be able to sell their items at a faster rate. The change will most significantly impact customers looking to buy and sell pieces at more accessible price points and also items that fall into the rare, desirable high-luxury category, as these pieces will enjoy a capped commission.

    “This commission restructure is one of the first major changes I wanted to impact the business since joining Vestiaire Collective at the start of this year. This significant drop in commission will encourage more sellers to the site, knowing they will be able to sell their item at a fast rate whilst also making a strong profit. For the buyers, it means they can purchase the desirable pieces they’ve always wanted at even more accessible prices. I believe that giving our users more direct value is the most powerful medium to keep them engaged and excited. This is a significant moment for Vestiaire Collective as we continue to ensure we remain the most desirable global resale site for must-have pre-owned fashion,” says Max Bittner, CEO Vestiaire Collective.

    Vestiaire Collective will continue to offer the same level of exceptional service across all customer touch-points, from the carefully curated highly desirable inventory to rigorous physical quality control, meticulous authenticity checks and high level of customer service. The company curates and connects the world’s most desirable wardrobes, whilst providing a trusted and sustainable new way of buying and selling pre-loved fashion.

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  • Lazada’s CEO jumps to Vestiaire Collective

    Lazada’s CEO jumps to Vestiaire Collective

    Vestiaire Collective, the global resale site for authenticated pre-owned luxury and premium fashion, has announced the appointment of Maximilian Bittner as CEO.He will succeed Sébastien Fabre, the co-founder of Vestiaire Collective, from January 1, 2019 in Paris, where the core team is located.

    Sébastien Fabre will remain a Director of the Company and will continue to play a key role in defining Vestiaire Collective’s strategy.

    Maximilian Bittner was chosen to build Vestiaire Collective’s growth and international expansion.

    At 39 years old, he was, until March 2018, Founder and CEO of Lazada Group, one of Southeast Asia’s leading ecommerce company.

    Launched in 2012, the company is present in Indonesia, Malaysia, Philippines,  Singapore, Thailand and Vietnam and offers exposure and market access to over 155,000 merchants, 3,000 brands and 300 million SKUs and reaches over 560 million potential customers in the region.

    Alibaba Group acquired majority ownership of Lazada Group over 2016 and 2017.

    The company’s latest valuation was USD 3.15 billion.

    Maximilian began his career at Morgan Stanley’s Investment Banking division in London prior to joining McKinsey & Company and then Rocket Internet in Germany.

    He graduated with a degree in Economics and History from the University College of London and holds an MBA from the Kellogg School of Management.

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  • Rebranding for luxury resale site Vestiaire Collective

    Rebranding for luxury resale site Vestiaire Collective

    Vestiaire Collective is refreshing its image as the luxury resale site looks to grow sales in Europe and Asia. The branding changes involve a new, black-and-white logo, that will feature on updated packaging. Vestiaire Collective is also launching a campaign which promotes resale as a modern alternative for the luxury and sustainability-conscious consumer. It will roll out in Europe and Asia Pacific spanning television, print, digital and social media.

    Vestiaire Collective’s new look comes after a US$62 million funding round last year, which the company is using to expand internationally. The past 18 months have seen the company enter Asia, open logistics hubs in France and Hong Kong. This month the company is opening a new head office in Paris, on the back of 100 new hires in 2018.

    “It will allow us to speak to a wider audience,” said chief marketing officer and vice president for EMEA Ceanne Fernandes-Wong of using traditional forms of advertising — including black cabs in London and television in France — alongside digital.

    “Resale is not new, it’s not niche, and we want to bring that education that resale is chic and cool… and bring people who would otherwise say, ‘it’s luxury and not for me.’”

    However, Vestiaire Collective faces increased competition from other players in the luxury resale market, which is on track to hit $6 billion in global sales this year, according to Bain.

    Competitors have piled into the space in recent years, including ThredUp, Poshmark and Grailed. The biggest is TheRealReal, which opened its first permanent retail and consignment space in New York in November 2018, after hosting a pop-up a year earlier, and has raised $173 million funding.

    “We want to extend the category in the right way,” said chief operating officer Olivier Marcheteau. “There is €250 billion worth of luxury product sold every year — we’ve probably only scratched that surface.”

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