This significantly large funding round brings Vestiaire’s total funding to €110 million. The French company intends to create 120 new jobs and build a new logistics centre in France later this year.
It will also invest the money into further developing its product as well as expanding its consumer-to-consumer business for pre-owned clothing into new markets. It first plans to boost its position in the US, which it entered in 2015, followed by Asia-Pacific.
According to its announcement, the company has a strong presence in France, the UK, Germany, Italy, Spain, and the Nordics. It said more than 65% of its revenue now comes from outside France.
“Over the last eight years, we have consistently delivered remarkable growth, which makes us highly confident in our ability to deliver on our ambition to become the leading global company in luxury and premium pre-owned fashion,” said CEO Sébastien Fabre.
Thomas Studd, a partner at Vestiaire’s newest investor Vitruvian Partners, said this investment marked its first in France and it will help “continue international expansion and become the global champion.”