French second-hand e-commerce platform Vestiaire Collective receives 178 million euros in financing

According to foreign media reports, the French second-hand platform Vestiaire Collective has received support from global French luxury group Kering and US investment company Tiger Global Management in its latest round of financing .   Global   Management) and obtained a huge financing of 178 million euros .

The new round of financing enables the company to enter its next accelerated growth cycle after its transaction volume increased by more than 100% year-on-year .

Vestiaire Collective is an online website that provides a buying and selling platform for second-hand luxury fashion products . It is the largest second-hand luxury goods trading website in Europe, with 11 million members from more than 50 countries, including clothing, accessories and shoes, etc. Brands include Burberry, Gucci, Hermes and other luxury goods, as well as new products of the season.

The second-hand platform's recent strategy is to reduce waste caused by clothing through sustainable development and environmental protection, and to cooperate with Alexander McQueen to promote the recycling and reuse of clothing and other goods . This fits well with the second-hand luxury goods industry in the European and American markets, which is generally environmentally conscious.

Therefore, the booming second-hand market benefits from the gradual change in people's consumption concepts.

The Kering Group predicts that the amount of second-hand items in people’s wardrobes is expected to increase from 21% in 2021 to 27% in 2023.   As for the value of second-hand goods , it is expected to exceed $60 billion (about €4.975 billion) by 2025 .

The second-hand market in France has infinite charm and has become an integral part of French life. According to a recent survey by the French Fashion Institute IFM, in 2019, about 90% of French people bought at least one second-hand garment, while ten years ago (2009), only 15% of people bought second-hand clothing.

During the pandemic, the second-hand market in France remained hot. According to Le Parisien, after the restrictions were lifted on May 11 last year , 130 stores of Cash Express reopened , and in just 15 days, sales returned to pre-pandemic levels, with sales in June even up 5% from the same period last year.

Experts believe that second-hand products will be the fastest growing market in the fashion industry in the next 10 years. Therefore, it is not difficult to see that second-hand transactions are pregnant with huge business opportunities.

Maximilian Bittner, CEO of Vestiaire Group, also expressed optimism: “Overall, the resale industry is experiencing rapid growth, especially among millennials and Generation Z consumers, which will change the future retail landscape. We are very pleased to welcome Kering and Tiger Global Management, both of which are crucial to our efforts to build a more sustainable fashion industry and further development . ”

French second-hand e-commerce platform Vestiaire Collective