Vestiaire Collective, the French creator of a global clothing resale platform, has secured €59 million in financing to pursue its mission of “keeping clothes out of landfill”. Investments came from existing shareholders and new ones, such as Korelya Capital, a Paris-based VC backed by Korean technology conglomerate Naver, Vaultier7, Cuir Invest, and funds managed by Fidelity International.
The company, which considers itself an advocate for conscious consumption and calls its nine million shoppers “fashion activists”, provides a platform for the resale of luxury clothing.
“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,” says Max Bittner, the company’s CEO.
Currently around 80 percent of the company’s transactions take place outside of France, and the new financing will go toward even more international expansion. Further growth throughout the US is expected, as well as the launch of the platform’s direct shipping service. With the help of new investor Korelya, the French company will explore the possibilities in Japan, which it calls “the biggest resale market in the world”, and South Korea.