Vestiaire Collective wins $20m investment from backers led by Condé Nast
Vestiaire Collective has won $20m (£12.8m) in investment from a group led by Condé Nast International.
The online marketplace for previously owned designer labels enables consumers to buy and resell luxury fashion clothing and accessories for adults and children. Its experts choose, verify and ship items that are sold via the site. The site is based in Paris and expanded to the UK in March 2012.Vestiaire Collective
co-founder and chief executive Sébastien Fabre says the funding, which also comes from new investor Idinvest Partners as well as existing investors Balderton and Ventech, will help it to grow. As well as enabling shoppers to buy and sell, it also offers a platform for discussion of the latest trends and other fashion-related issues. Both French and British celebrities are said to use the site to clear out their wardrobes.
He said: “It is clear that inspiration leads to conversion in our environment. The legitimacy and the credibility of Condé Nast will reinforce our capacity to build an endless source of supply, pushing the convergence of pure user generated content and media to create the most inspiring social shopping experience.”
Jonathan Newhouse, chairman and chief executive of Condé Nast
, said: “Vestiaire Collective will appeal to our style conscious print and digital audiences around the world. As our media brands curate the latest fashion and accessories for the consumer, Vestiaire acts as a trusted intermediary between buyers and sellers of pre-owned items.”
Mortiz von Laffert, vice president of Condé Nast International, added: “Condé Nast is recognised as the multimedia authority on fashion, and this investment continues our strategy to expand into e-commerce where there is opportunity driven by entrepreneurship and innovation. The first investment of its kind by Condé Nast International in France, this follows our recent investments in farfetch, Monoqi and Renesim, and investment activity of our parent company Advance Publications in the USA.”
James Bilefield will join the board of Vestiaire on behalf of Condé Nast International in his role as investments consultant.
In June, Vestiaire Collective won the European E-Commerce Gold Award in June 2013, recognising companies who contribute to the development of online retail, digital innovation and improvement of the customer journey.