Vestiaire Collective, a pre-owned luxury fashion and accesories market platform, raises €33M in a funding led by Eurazeo
Eurazeo has announced the acquisition, through Eurazeo Croissance, of a minority interest in Vestiaire Collective, European leader in the pre-owned luxury fashion and accessories market, as part of a capital increase.
Created in 2009, Vestiaire Collective is a community platform on which users can buy and sell pre-owned luxury fashion and accessories. The website vestiairecollective.com has 4 million members worldwide and offers a permanent catalogue of more than 400,000 items. Each week, more than 20,000 new items, selected by a team of stylists, are added to the existing catalogue.
The company stands out from other platforms as the quality and authenticity of the items sold are physically and systematically checked in its workshops by a team of experts.
With sites in France, the UK, Germany, Italy, the United States, and soon in Spain, Vestiaire Collective has 180 employees and generated gross merchandise value of €46 million in 2014. The company, which has expanded very quickly since its creation, stepped up its growth in the first half of 2015 with an 85% increase in sales volume.
Eurazeo Croissance has contributed €20 million to the €33 million in funds raised by the pool, which combines historical shareholders (Conde Nast, Balderton Capital, Ventech and IdInvest), and will be represented on the Board of Directors by Christian Blanckaert, the former CEO of Hermès International, a director of Moncler and renowned expert in the luxury goods sector and international development.
This capital injection will enable Vestiaire Collective to strengthen its leadership in Europe and accelerate its growth in the United States.
Virginie Morgon, Deputy CEO of Eurazeo, stated: “Faced with changing consumption patterns, digital technology, community networks, luxury goods and brands, Vestiaire Collective represents the type of investment we wish to conduct with Eurazeo Croissance.”
“Vestiaire Collective is a fabulous entrepreneurial venture. We are pleased to be a part of it and will pool together our energy, network and expertise to support the company in its international expansion” added Yann-Hervé du Rusquec, Head of Eurazeo Croissance.
Sébastien Fabre, founder and Chief Executive of Vestiaire Collective, commented: “This capital-raising represents a phase in the life of Vestiaire Collective in which, as an entrepreneur, I take particular pride. We are setting the conditions for hyper growth. Current investor support and the arrival of Eurazeo have strengthened our resolve to fast-track the roll-out of our international development plan.”
Source: Eurazeo Press Release