Vestiaire Collective raises US$210 million as orders surge
Pre-loved fashion online platform Vestiaire Collective has raised US$210 million during its latest financing round, bringing its value to US$1.7 billion.
Backed by SoftBank Vision Fund 2i and Generation Investment Management, the round is joined by existing shareholders, including Bpifrance, Conde Nast and Eurazeo.
Vestiaire Collective said the funds will allow it to further accelerate towards its long-term strategic objectives, which includes global expansion plan and proprietary technology enhancement.
“It is a recognition of our achievements, and also confirms the attractiveness of our positioning embracing luxury, technology, sustainability and community,” said Maximilian Bittner, CEO of Vestiaire Collective.
Over the past twelve months, Vestiaire Collective saw orders grow by more than 90 per cent globally, 100 per cent in the US and 150 per cent in Asia.
“Vestiaire Collective is a great consumer-tech company that we believe is transforming the timeless luxury fashion industry for the better,” said Marcelo Claure, CEO of SoftBank Group International and COO of SoftBank Group Corp.
“Vestiaire operates at the intersection of multiple sector trends with growth in luxury retail, ongoing shift to online, and a focus on sustainability. And it is doing so with a business model that is well positioned to scale globally.”
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