France’s Vestiaire Collective has launched a new €178 million ($ 216 million) financing round backed by Kering and US-based Tiger Global Management. Kering now has roughly 5 per cent stake in Vestiaire Collective. The group aims to seize this opportunity to enhance the value it offers customers and influence the industry towards more innovative and sustainable practices.
Besides Kering and Tiger, the latest funding includes a number of illustrious names including Max Bittner, CEO, Vestiaire Collective, Bpifrance (Large Venture), Condé Nast, the Eurazeo Group, funds managed by Fidelity International, Korelya Capital, Luxury Tech Fund via LTF & Cuir Invest and Vitruvian Partners.
Vestiaire Collective, the pre-owned fashion sector has clocked in rapid growth over the last three years with a further acceleration during the pandemic. This has been predominantly driven by younger consumers' increased focus on sustainability and a growing trend for social shopping and online communities. The company itself has enjoyed a powerful growth curve. Founded during the 2008 crisis, the model has clearly demonstrated its ability to continue to thrive during challenging conditions.
