Vestiaire Collective, a France-based online used fashion marketplace backed by media group Condé Nast, received €58m ($62m) yesterday in a round led by private equity firm Vitruvian Partners.
Investment firm Eurazeo and private equity firm Idinvest Partners also took part in the round, which increased Vestaire’s overall funding to more than €116m since it was founded in 2009.
Vestiaire runs an e-commerce platform where users can buy and sell high-end and luxury fashion pieces. Each item of clothing or accessory will have been curated and physically checked by a company employee prior to being listed.
The funding will go to increased hiring as Vestiaire looks to further develop its distribution platform, improve user experience across a range of devices, expand internationally and build a logistics centre in France.
Sébastien Fabre, Vestiaire Collective’s founder and CEO, 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.”
Condé Nast led Vestiaire’s $20m series C round in 2013, investing alongside Idinvest Partners, Balderton Capital and Ventech. All four returned for a $36.8m series D round two years later.