// Vestiaire Collective raises £51m in funding to expand the launch of its US direct shipping service
// The funding will also be used in the expansion of the global business into Japan & Korea
Vestiaire Collective has secured £51 million in funding from existing shareholders and new investors to help expand into Japan and Korea and develop its US shipping services.
The new funding will allow for the further acceleration of Vestiare Collective’s international business as currently over 80 per cent of the French-headquartered retailer’s transactions are already generated cross-border.
The round will help to drive ambitious growth in the US market and further develop its direct shipping model in the US.
Launched in Europe in September 2019, the online resale retailer is increasingly popular with a growing number of customers.
Over 50 per cent of orders in the EU are now fulfilled through the new service.
The model is set to launch in the US in early summer followed by Asia at the end of 2020.
The funding is a result of existing shareholders Eurazeo, Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective chief executive Max Bittner.
The new round has also brought on board new investors Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest.
With the investment from Korelya Capital, which is backed by Korean technology conglomerate Naver, Vestiaire Collective is planning expansion towards Japan, the biggest resale market in the world, and Korea in 2020 and beyond.
The resale platform expects the current Covid-19 crisis to accelerate the adoption of online shopping with an increased focus on social values and resourcefulness in purchasing.
”I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop,” Bittner said.
“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.”