The luxury resale platform has appointed Bernard Osta, previously its CFO, to succeed Maximilian Bittner as CEO. His main task will be to focus on AI to accelerate global growth and improve the customer experience.
Vestiaire Collective wants to go even further with its new CEO.
The luxury resale platform, founded in 2009 and now one of the largest in the world, has appointed Bernard Osta to replace Maximilian Bittner. After seven years in the role, Bittner’s next professional move has not been disclosed.
Four levers
The newcomer will be tasked with accelerating Vestiaire Collective’s growth by leveraging four levers: launching an AI-based roadmap to improve the buyer and seller experience; strengthening brand awareness in Europe, the US, and Asia-Pacific; investing in its authentication capabilities to consolidate its position as a trusted marketplace for pre-owned luxury goods; and finally, stimulating innovation “at the crossroads of luxury, technology, and sustainable development.”
This is a formidable challenge, given that Vestiaire Collective already has a presence in seventy countries. It has also implemented technological tools to verify the authenticity of the more than five million second-hand items in its catalog and the 30,000 new products it receives daily.
At Vestiaire Collective since 2021
Bernard Osta is already familiar with the company he will be heading up: in 2021, he became its chief strategy officer before being appointed chief financial officer at the end of 2023.
Prior to that, the HEC graduate spent his career between New York and Paris, working as a partner at investment bank Lazard for five years and then as an executive director at Goldman Sachs for nine years.
Since last July, he has also been an independent member of the supervisory board of the French conglomerate Vivendi, which operates in the media, entertainment, and culture sectors.
An exciting time for Vestiaire Collective
Saying he is “very honored to take on the role of CEO of Vestiaire Collective and to lead the highly talented team we have built over the years,” Bernard Osta believes he is arriving at “a particularly exciting time for the company.” In fact, “with the rise of AI,” his company has “an extraordinary opportunity to accelerate” its “product roadmap, deliver the most engaging customer experience, and gain market share.”
The Vestiaire Collective board of directors emphasized that “Mr. Osta’s in-depth knowledge of the company, international experience, and leadership qualities will be essential assets for the next stage of growth.”
It also thanked “Maximilian Bittner for his dedication and the important role he has played in the company’s development since his arrival at the end of 2018.”
For his part, Bernard Osta believes in a bright future for the company he is taking the reins of.
“Vestiaire Collective has secured a unique position as the trusted marketplace of choice in the highly attractive secondhand luxury fashion sector. Together, we will continue to transform fashion by giving a second life to the most coveted pieces, in the service of a more sustainable model,” he said.
Opening up to men
Initially focused mainly on women, Vestiaire Collective expanded its offering last September to include men.
Its latest officially reported revenue was for 2023, up 25% to €157 million. In a crowdfunding document, the platform indicated its intention to achieve profitability in 2024.
Since its launch in 2009 by six partners (Sébastien Fabre, Sophie Hersan, Fanny Moizant, Alexandre Coignart, Henrique Fernandez, and Christian Jorge), Vestiaire Collective has already raised more than €600 million from investors such as Bpifrance, Condé Nast, Ventech, Softbank, and Eurazeo, its main shareholder, in a dozen rounds of financing. During its crowdfunding campaign launched in 2024, its valuation stood at €1.1 billion.
Read also > Vintage: Vestiaire Collective publishes its first guide to reselling
Featured photo: © Vestiaire Collective
