KERING - Vestiaire Collective announces a new financing round
backed by Kering and Tiger Global Management
Vestiaire Collective announces a new
€178m (US$ 216m) financing round backed by Kering and Tiger Global
Management to accelerate its growth in the second-hand market and
drive change for a more sustainable fashion industry.
Press Release Vestiaire Collective Kering EN 2021 03 01
Paris, March 1st, 2021 - The
leading global platform for desirable second-hand fashion today
announces the completion of a new €178 million financing round,
backed by global French luxury group Kering (KER.PA) and US
investment firm Tiger Global Management. Existing shareholders
including Vestiaire Collective’s CEO, Max Bittner, Bpifrance (Large
Venture), Condé Nast, the Eurazeo Group (Eurazeo Growth and
Idinvest Venture) (RF.PA), certain funds managed by Fidelity
International, Korelya Capital (backed by NAVER) (KRX: 035420),
Luxury Tech Fund (LTF & Cuir Invest) and Vitruvian Partners
also reinvest. Following a strong year that saw the platform’s
transaction volume grow over 100% year-on-year, this financing
round grants Vestiaire Collective unicorn status and ideally
positions it for its next cycle of accelerated growth.
The pre-owned fashion sector has experienced
rapid growth over the last three years with a further acceleration
during the pandemic. This has been predominantly driven by younger
consumers' increased focus on sustainability and a growing trend
for social shopping and online communities. The amount of
secondhand pieces in people’s closets is predicted to grow from 21%
in 2021 to 27% in 2023 with the value of the secondhand sector
forecasted to be worth over $60 billion by 2025.
Maximilian Bittner, Vestiaire
Collective’s CEO commented: “This latest round of
investment confirms the incredible trajectory of Vestiaire
Collective, founded during the 2008 crisis, the model has clearly
demonstrated its ability to continue to thrive during challenging
conditions. The resale sector as a whole is experiencing rapid
growth, especially amongst Millennial and Gen Z consumers, which
will come to shape the retail landscape of the future. We are
incredibly excited to welcome Kering and Tiger Global Management,
both of which will be instrumental in our mission to build a more
sustainable fashion industry and further grow our incredible global
community”.
By investing in Vestiaire Collective (c. 5%
stake) and by being represented at the Vestiaire Collective Board
of Directors, global Luxury Group Kering illustrates its pioneering
strategy, supporting innovative business models, embracing new
market trends and exploring new services to fashion and luxury
customers.
François-Henri Pinault, Chairman and CEO
of Kering, said: “Pre-owned luxury is now a real and
deeply rooted trend, especially among younger customers. Rather
than ignoring it, our wish is to seize this opportunity to enhance
the value we offer our customers and influence the future of our
industry towards more innovative and more sustainable practices.
This fits naturally with our entrepreneurial spirit, our pioneering
sustainability strategy, and our modern vision of Luxury.”
Grégory Boutté, Kering’s Chief Client
and Digital Officer, added: “Our innovation strategy aims
at investing in brands and technologies for the next generation of
consumers, focusing on disruptive business models that allow us to
better serve our clients and improve our performance. The
investment in Vestiaire Collective makes full sense from both
perspectives.”
Kering and Vestiaire Collective share a joint
vision in their commitment to driving innovation to build a more
sustainable fashion industry for the future.
Tiger Global Management, a U.S.-based technology
investor, brings on board deep experience supporting high-growth
disruptive companies to scale, such as Facebook and Spotify. In
addition, the firm’s rich understanding of the U.S. market will
support Vestiaire Collective’s ambitions to expand in the
region.
Griffin Schroeder, Partner, Tiger
Global, commented: “We are excited to support Vestiaire
Collective’s continued global expansion plans, which focus on
seizing the momentum of already spectacular growth in the United
States and Asia Pacific. As of January 2021, local sellers in those
regions had increased their items sold by more than 250%
year-over-year.”
Since its inception in 2009, Vestiaire
Collective’s mission has been to extend the lifecycle of products
in the fashion industry, supporting a disruptive move towards a
circular economy by empowering a community of ‘fashion activists’
to drive profound change. With its combined pillars of global
community, strong fashion and sustainability DNA and the high level
of trust it has built on the platform, Vestiaire Collective is
uniquely positioned to capture an increasing share of the global
resale market, demonstrated by its 90% year-on-year membership
growth achieved in 2020.
Vestiaire Collective will use this financing
round to scale up its technology and data innovation roadmap,
accelerating its circularity vision along with initiating strategic
change in the fashion industry. This will be supported by a
sustainability roadmap focused on 4 main innovative pillars:
- Triggering change in luxury fashion: the “Brand Approved”
service
- Empowering and growing its community of ‘fashion activists’:
the ‘Fashion Activist’ badge and ‘Follow the Leaf’ program
- Reducing environmental footprint: carbon neutral by 2026
- Being an exemplary company: B Corp certified business
Triggering change in luxury fashion: the
“Brand Approved” service
The apparel industry’s current way of working
needs to evolve; the global fashion industry produced around 2.1
billion tonnes of GHG emissions in 2018. Vestiaire Collective
offers a key solution to this challenge, facilitating an increase
in reuse and reduction of waste. Vestiaire Collective believes that
emphasizing the importance of durability and extending the lifespan
of pieces will help combat the negative environmental impact of
over-consumption. In answer to this challenge, Vestiaire Collective
has launched a ‘Brand Approved’ service, offering an innovative
Buy-back circular solution for brands, supporting the decoupling of
economic profit from the use of natural resources. The new program
recently launched in collaboration with Kering House Alexander
McQueen, empowering the brand to integrate circularity into its
business model.
Empowering and growing its community of
‘fashion activists’: The ‘Fashion Activist’ badge and ‘Follow the
Leaf’ program
The broad global community of ‘fashion
activists’ standing at the heart of Vestiaire Collective, is
already helping to drive change by choosing another way to consume
fashion. The platform will continue to empower the voice of its
global community through tools such as the ‘Fashion Activist’ badge
which encourages members to adopt a ‘1 in, 1 out’ behaviour,
further expansion of its Direct Shipping service and the ‘Follow
the Leaf’ program which highlights the most sustainable options for
each member. It will also continue to focus on further driving
consumer awareness through continued educational campaigns and
partnering with renowned ‘fashion activists’.
Reducing environmental footprint: carbon
neutral by 2026
Buying pre-owned helps avoid the environmental
damage caused by fashion production, the simple act of buying a
second-hand bag on Vestiaire Collective can reduce the
environmental impact by up to 91%. As part of sustainability
strategy Vestiaire Collective has just completed a full lifecycle
assessment, the business is now focused on becoming carbon neutral
by 2026. They have initiated a carbon emissions reduction roadmap,
working to reduce shipping distances through a local-to-local
scheme and expansion of their Direct Shipping. With over 50% of
orders now completed through Direct Shipping, the service has
already saved over 1,150 tons of CO2 since launching. Further to
this the business will also offer more green shipping options and
has just launched its new ‘less is more’ packaging that is 100%
reduced, recycled and recyclable.
Being an exemplary company: B Corp
certified business
Vestiaire Collective is dedicated to becoming an
exemplary company, to achieve this goal it has launched a number of
strategic initiatives. This notably includes an application to
become a B Corp certified business, while also empowering its
employees to act on important causes through 15 hours to help
community work and the launch of 5 employee diversity &
inclusivity task forces.
Vestiaire Collective’s technology and data
innovation roadmap is key to empowering its circularity vision. The
strategy will focus on further developing artificial intelligence
and leveraging data to enhance the customer experience. The
business will more than double the size of its technology team,
generating 155 new positions, available across data science,
engineering, tech and product development. This will enable the
platform to further support its community through increased
functionalities such as profile and product recommendations based
on users’ behavior, a dynamic pricing algorithm that gives
real-time feedback to sellers and a digital wallet function will
help incentivize sellers to reinvest in pre-owned.
Goldman Sachs served as strategic advisor and private placement
agent to Vestiaire Collective on the financing round.
For further information please
contact:
Kering
PressEmilie Gargatte: +33 (0)1 45 64 61 20 /
emilie.gargatte@kering.com Marie de Montreynaud: +33 (0)1 45
64 62 53 / marie.demontreynaud@kering.com
Analysts/investors Claire Roblet: +33 (0)1 45
64 61 49 / claire.roblet@kering.comLaura Levy: +33 (0)1 45 64 60 45
/ laura.levy@kering.com
Vestiaire Collective
Melanie Hughes : +44 (0) 7929728313 /
PR@Vestiairecollective.com
Havas Paris
Stephanie Elbaz: +33 (0)6 46 05 08 07 /
stephanie.elbaz@havas.comMael Evin: +33 (0)6 44 12 14 91 /
mael.evin@havas.com
---
About Vestiaire Collective
Vestiaire Collective is the leading global app
for desirable pre-loved fashion. It is dedicated to transforming
the fashion industry for a more sustainable future by promoting the
circular fashion movement as an alternative to overproduction and
overconsumption and the wasteful practices of the fashion industry.
It provides its ‘fashion activist’ community with inspiration,
tools and features to lead the change as they sell and buy unique
pre-loved pieces from each other's wardrobes. The platform is
unique thanks to its highly engaged activist community and its
rare, desirable inventory of 3 million items that includes 140,000
new listings every week. Launched in Paris in 2009, Vestiaire
Collective has offices in Paris, New York, Hong Kong, Singapore and
a tech hub in Berlin. Find out more by downloading the app,
visiting vestiairecollective.com and following @vestiaireco on
Instagram.
Vision: We transform the
fashion industry for a more sustainable future by empowering a
community of ‘fashion activists’ to drive systemic change
Vestiaire Collective is a member of the Ellen
Macarthur Foundation, Paris Good Fashion and the UN Fashion
Alliance
About
Kering
A global Luxury group, Kering manages the
development of a series of renowned Houses in Fashion, Leather
Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta,
Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo,
Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear.
By placing creativity at the heart of its strategy, Kering enables
its Houses to set new limits in terms of their creative expression
while crafting tomorrow’s Luxury in a sustainable and responsible
way. We capture these beliefs in our signature: “Empowering
Imagination”. In 2020, Kering had over 38,000 employees and revenue
of €13.1
billion.
About Tiger Global
Management
Tiger Global Management, LLC is an investment
firm that focuses on private and public companies in the global
Internet, software, consumer, and payments industries. The Firm’s
private equity strategy was launched in 2003 and has invested in
hundreds of companies across more than 30 countries, in all stages
of funding – from Series A to pre-IPO. The venture business, which
recently finished investing its twelfth fund, aims to partner with
dynamic entrepreneurs operating market-leading growth companies;
investments include JD.com, Meituan, Facebook, LinkedIn, Spotify,
Peloton, Credit Karma, Toast, Stripe, ByteDance, Stone, Warby
Parker, Flipkart, Despegar, Ola and DiDi. Tiger Global was founded
in 2001 and is based in New York with affiliate offices in Hong
Kong, Beijing, Singapore and Bangalore.
- Press Release Vestiaire Collective Kering EN 2021 03 01
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