Vestiaire Collective Wraps Up $215 Million Financing Round

French pre-owned fashion platform Vestiaire Collective completed a 178 million euro (approximately $215 million) financing round. American investment firm Tiger Global Management and French luxury company Kering were among the investors, Finsmes reported.

“This latest round of investment confirms the incredible trajectory of Vestiaire Collective, founded during the 2008 crisis, the model has clearly demonstrated its ability to continue to thrive during challenging conditions. The resale sector as a whole is experiencing rapid growth, especially amongst Millennial and Gen Z consumers, which will come to shape the retail landscape of the future,” Vestiaire Collective CEO Maximilian Bittner said in a recent release.

Vestiaire Collective, which rolled out in Paris in 2009, has offices in Singapore, Hong Kong, New York and Paris in addition to a tech hub in Germany.

The company offers its community the impetus, technologies and functionalities to trade in pre-owned fashion. Its platform has an inventory of 3 million products that encompasses 140,000 novel listings weekly.

Vestiaire’s news comes as Farfetch is out to prove that the market for high-end merchandise fits fine with pre-owned merchandise. The online shopping firm is rolling out its Farfetch Second Life effort in the U.S.

The move came as high-end brands such as Coach and Prada were reissuing or playing off styles from previous years. Beyond that, the pandemic has consumers reaching into their wardrobes to see what they currently own.

Farfetch Limited reported in November as part of its Q3 results that Gross Merchandise Volume (GMV) soared to $797.8 million from $492 million in Q3 2019.

The online high-end fashion platform also reported digital platform GMV of $674.1 million, which was up from $420.3 million in Q3 2019.

“The Farfetch platform continued to accelerate in third quarter 2020, setting another quarterly GMV record and further indicating we are witnessing a paradigm shift in favor of online luxury,” Farfetch founder, chairman and CEO José Neves said in a past announcement.