Vitruvian leads €58m series-E round for Vestiaire
Vestiaire Collective, the European leader in luxury and premium pre-owned fashion today announces the completion of a €58 million round of financing to fuel continued international growth and increase operational capabilities. The round was led by new investor Vitruvian Partners as part of Vitruvian’s increasing focus on French opportunities. Existing major shareholders Eurazeo and Idinvest Partners also participated, reaffirming their support of the company. Created in October 2009, Vestiaire Collective has since raised more than €116 million (from Zadig & Voltaire, Ventech, Balderton Capital, Condé Nast International, Idinvest Partners, Eurazeo and Vitruvian Partners).
This global success is based on a unique proposition: Vestiaire Collective is the only consumer-to-consumer marketplace where 100% of the products are physically checked by a team of experts, a quality control that makes the platform unique.
Vestiaire Collective has posted consistent strong growth over the past 4 years. The company will use the funds to further increase its growth, develop its presence in the United States where its aim is to rapidly achieve the same leadership position that it enjoys in Europe and to move to expand into the APAC region, where the early evidence underscores the potential for the model to succeed.
This expansion builds on the strong base to its business that Vestiaire Collective has established across Europe. With number one positions in the European G5 countries (France, the United Kingdom, Germany, Spain, Italy), and strong presence throughout the Nordics, Vestiaire Collective has become the undisputed European leader in luxury and premium pre-owned fashion.
Vestiaire Collective entered the US market in 2015 and has subsequently grown in this geography where over in the last 18 months, it has established itself as a leading and expert company in the pre-owned luxury and fashion business. Part of the proceeds of this funding will be used to accelerate its position in this market.
Vestiaire Collective’s ambition is to become the clear global leader as a trading platform for both buyers and sellers by 2018, and already counts over 65% of its revenue outside of France.
Additionally, the new funds will also be used to strengthen Vestiaire Collective’s distribution platform and accelerate improvements to users’ multi device experience.
Finally, the company will create 120 jobs globally. Not only will Vestiaire Collective hire professionals to support its international expansion and reinforce its Tech team, the company also plans to invest in the construction of a new unique logistics centre in France in 2017 to fully meet increasing demand generated by constant growth of transactions and interactions on the platform.
Sébastien Fabre, founder and CEO of Vestiaire Collective said:”Through their investment in a new round of funding, our new and existing investors are backing our business model and are confident in our capacity to pursue tremendous international growth. They are providing us with the means for organic and possibly non-organic growth, to consolidate our leadership in Europe, pursue in a similarly rapid growth in the US, as well as enter new high potential markets such as Asia Pacific. I would like to thank all our investors and especially Eurazeo and Idinvest Partners for their ongoing support and am very pleased to welcome Vitruvian as a new shareholder. Over the last eight years, we have consistently delivered remarkable growth, which makes us highly confident in our ability to deliver on our ambition to become the leading global company in luxury and premium pre-owned fashion.”
Thomas Studd, Partner at Vitruvian Partners said: “Vestiaire Collective is the largest specialist marketplace for pre-owned luxury clothes and accessories in Europe by a great distance and its highly disruptive platform is rapidly growing the market and enabling it to take share from less efficient legacy models. The platform allows sellers to realise value from their wardrobes and allows buyers to browse 600,000 items to find coveted pieces at great prices, and these benefits have built a highly engaged and enthusiastic user base. We are excited to partner with such a high calibre management team and look forward to helping our first investment in France continue its international expansion and become the global champion.”
Yann du Rusquec, Managing Director of Eurazeo said: “We are delighted with this excellent funding round for Vestiaire Collective and welcome Vitruvian as a new investor who, like Eurazeo, has great ambitions for the company. We fully support Vestiaire Collective’s strategy to consolidate its global leadership, particularly in the United States and thus we have taken the opportunity to increase our investment in the company.”
Matthieu Baret, Partner at Idinvest Partners said:”We are proud to have been supporting Vestiaire Collective for 4 years now and helping the company to become the European leader in luxury and premium pre-owned fashion. The high volume of the company’s transactions generated cross-borders confirms that the luxury and premium pre-owned fashion market is truly global. We strongly believe in Vestiaire Collective’s strong growth potential and capacity to become the leading player in this market in the US and Asia.”
Vestiairecollective.com is the leading global marketplace for premium and luxury pre-owned fashion. The platform is unique due to its carefully curated catalogue of 600,000 desirable items, that once sold are expertly checked for 100% quality and authenticity. Launched in Paris in October 2009, Vestiairecollective.com has over 6 million fashion savvy members across 48 countries worldwide with offices in Paris, London, New York, Milan and Berlin. 30,000 new items are submitted by our community of sellers every week, which enables buyers to hunt amongst over 3,200 coveted and must have fashion pieces a day, ensuring that Vestiaire Collective is the go to site for an exciting unique shopping experience.
Source: VestiaireCollective Press Release