Vestiaire Collectives Raised Over US$64 million

Not all businesses are closing due to COVID-19. Some startups have actually raised money in the middle of a world health and economic crisis. Such is the case of Vestiaire Collective and its group of founders who just obtained funding in early April. According to Crunchbase, the startup raised US$64.2 million for a total investment of €209 million (US$226.7 million). Vestiaire Collective operates a marketplace of pre-owned fashion items. Users can both sell and buy luxury, pre-owned fashion products, clothes and accessories on the platform.

In today’s world where most people are stuck at home, many have lost their jobs and are trying to make ends meet, no wonder this e-commerce website focusing on pre-owned items is cashing in. The company was founded in 2009 and today has over 9 million members who are considered fashion connoisseurs in over 90 countries. Every week, more than 30,000 new items are submitted by its community of sellers, enabling buyers to access over 3,500 fashionable pieces a day. Vestiaire Collective is based in Paris with offices in London, New York, Milan, Berlin and Hong Kong, reports Crunchbase.

Vestiaire Collective has had the privilege of attracting new high-profile investors such as Korelya Capital, Fidelity International-managed funds, Vaultier7, Cuit Invest and existing investors Eurazeo (Eurazeo Growth and Idinvest Venture funds), Bpifrance, Vitruvian Partners, Condé Nast, Luxury Tech Fund and Vestiaire Collective CEO Max Bittner.

The startup offers its European customers direct shipping services, which now represent over 50 percent of the orders. The company has plans to start a direct shipping service to the US this summer and introduce itself to Asian markets by the end of this year. With a substantial investment made by Paris-based Korelya Capital as a new partner, the company will expand to South Korea and Japan later this year, reports TechCrunch.

Vestiaire Collective started in France and currently 80 percent of its transactions are done internationally. The company’s website says it offers its clients over 3,000 items and has discounts up to 70 percent. Clients can get reimbursed if they receive something they do not like.