France-based fashion resale marketplace operator Vestiaire Collective raised €178m ($215m) from investors including media group Advance Publications’ Condé Nast subsidiary and luxury goods producer Kering yesterday.
Korelya Capital, a venture capital firm sponsored by internet group Naver, also took part in the round, which took the company’s valuation past the $1bn mark, as did unnamed funds managed by financial services and investment group Fidelity International.
French government-owned investment bank BPIfrance’s Large Venture unit also participated, alongside Eurazeo Group’s Growth and Idinvest Venture units, Luxury Tech Fund’s LTF & Cuir Invest subsidiary, Tiger Global Management, Vitruvian Partners and Vestiaire Collective CEO Max Bittner.
Founded in 2009, Vestiaire Collective runs a mobile app that enables users to purchase and sell used upmarket goods including apparel, personal adornments, home decorations and fashion accessories.
Kering acquired a 5% stake in Vestiaire Collective through the deal and will get a place on its board of directors. The funding will be used to improve the company’s technology and data-related activities, and promote circular economy in the fashion industry.
Condé Nast, Korelya Capital and vehicles overseen by Fidelity provided $64m in funding for Vestiaire Collective in April 2020, lifting the company’s overall funding to $240m. It included BPIfrance, Cuir Invest, Eurazeo’s Growth and Idinvest Venture funds, Luxury Tech Fund, Vaultier7, Vitruvian Partners and Bittner.
Condé Nast already contributed to the company’s $36.8m series D round in 2015 together with Balderton Capital, Eurazeo, Idinvest Partners and Ventech, after leading a $20m series C round two years earlier that also included Balderton, Idinvest and Ventech.
