Vestiaire Collection, a luxury re-sale platform based in Paris, has secured total funding of US $ 64 million, which will be utilised for its expansion in USA and Asia.
The French company has been working hard to expand to countries like South Korea and Japan with the support of Korelya Capital, which is backed by Korean conglomerate Naver, one of its investors.
Additionally, it plans to launch the platform in USA in the early summer and in Asia before the end of 2020.
The new investors include the existing shareholders like Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Lazada founder Max Bittner and the new round investors like Korelya Capital, Vaultier7, Cuir Invest, as well as funds managed by Fidelity International.
Moreover, it is also developing its direct shipping model eliminating any intermediary for the sellers and buyers to connect directly with customers. In the traditional model, it would require them to connect through platform’s control and authentication centre.
The company further reveals that despite COVID-19, consumers have deposited and ordered from the platform which shows the consumers’ interest in the circular business. The company, launched in 2009, has around 9 million users from over 90 countries.
