Resale fashion platform Vestiaire Collective launched a crowdfunding campaign on Tuesday in the hopes of raising at least £855,609 (€1m) as it aims to become profitable by the end of the year.
The Kering-backed business said the crowdfunding will be advertised on its website and mobile app, and is open to anyone over the age of 18 in the UK and Europe.
The crowdfunding via UK-based platform Crowdcube is priced at £1.52 (€1.78) per share, valuing Vestiaire at £855.8m (€1.1bn) which is in line with a November funding round led by private equity firm Eurazeo.
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Chief executive Maximilian Bittner said: “The goal is really to bring our most loyal customers into our shareholder base.”
He added in a LinkedIn post: “On the back of our continued success, 2024 will be a pivotal year for Vestiaire Collective and we aim to continue gaining market shares in the global fashion industry.
“Last year, we decided to grant shares of the company to all of our employees. This year, it was the natural next step to open shares to our community allowing them to be part of our journey.”
A spokesperson told Reuters that the business aims to become profitable around the end of 2024 and that an initial public offering “would be the natural next step after we reach profitability.”
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