The start-up Vestiaire Collective recently unveiled a fund raising of 178 million euros with the acquisition of 5% of its capital by the giant Kering. From now on, the luxury second-hand platform is valued at more than a billion euros and constitutes for Kering a most judicious investment.
The Pinault family has therefore invested €53 million for 5% of the capital and will have a seat on the board of directors of Vestiaire Collective, alongside the other shareholders who have also reinvested: Tiger Global Management, Bpifrance, Eurazeo, Luxury Tech Fund, Maximilian Bittner?
With a valuation now in excess of one billion euros, the luxury online sales platform has been given the name “Licorne” and joins the 12 already existing in France (Blablacar, Dataiku, Voodoo…).
“Second-hand luxury is now a real and profound trend”, said François-Henri Pinault, Kering’s CEO. “Rather than ignoring it, we want to seize this opportunity to continue to improve the services offered to our customers and steer the future of our sector towards more innovative and sustainable practices.
And the platform’s figures don’t deceive: 11 million users with a growth rate of 110% in one year, a catalogue of 3 million articles, a presence in 80 countries, a turnover of 20% in France and transaction volumes that doubled in 2020.
It should be noted that the online sales platform has not really suffered from the health crisis, unlike other fashion distributors who have been negatively affected by the closure of physical shops and travel restrictions. The latter experienced an increase in orders of 120% during the first confinement, and up to +144% in June.
View this post on Instagram
This growth is not about to stop, since the second-hand market is expected to be worth more than 60 billion dollars by 2025. In France, it is currently estimated at more than a billion euros, according to Les Echos.
“The share of second-hand items in the wardrobe of private individuals should increase from 21% in 2021 to 27% in 2023, and the second-hand market should reach more than 60 billion dollars by 2025,” estimates Vestiaire Collective.
Kering’s investment therefore represents considerable potential, all the more so as it will enable the platform to continue its growth phase while the group achieves its objective of gaining credibility in terms of environmental responsibility.
“Our innovation strategy aims to invest in brands and technologies aimed at the next generation of consumers, favouring breakthrough business models that can help us better serve our customers and improve our performance. “said Grégory Boutté, Kering’s Director of Customer Relations and Digital Transformation.
For its part, Vestiaire Collective wishes to expand further internationally and is particularly targeting the North American market. It also wants to invest in sustainability by reducing its carbon footprint.
Another ambitious objective unveiled by Vestiaire Collective in a press release: to invest massively in artificial intelligence technology with the creation of 155 jobs in the field (data analysis, engineering, technology and product development).
The luxury online resale platform is therefore becoming increasingly popular with the largest retailers. Indeed, a few weeks ago, Alexander Mcqueen decided to unveil a new partnership with it. A project that allows its customers to sell their pieces on the platform with certifications of authenticity and price.
Featured Photo : © Vestiaire Collective
What's Your Reaction?
[EN] CLAIRE DOMERGUE, A SPECIALIST IN COMMUNICATION IN THE LUXURY SECTOR, HAS SURROUNDED HERSELF WITH EXPERTS TO CREATE THE FIRST MEDIA DEDICATED TO THE ECONOMIC NEWS OF LUXURY AND FASHION. THE LATTER DRAWS THE ATTENTION OF ITS READERS TO ALL THE MAJOR PLAYERS IN THESE SECTORS WHO SHARE THEIR EXPERIENCES, VISIONS AND KNOW-HOW. MORE THAN A SPECIALIZED WEBZINE, LUXUS PLUS IS A MULTI-SECTOR INFORMATION SYSTEM, WHICH HAS BECOME THE REFERENCE MONITORING TOOL FOR LUXURY AND FASHION PROFESSIONALS. OUR NEWSLETTERS CONTRIBUTE TO MAKE OUR READERS AWARE OF THE CHANGES AFFECTING THE LUXURY INDUSTRIES. THANKS TO AN INCREASED WATCH AND AN EXCELLENT KNOWLEDGE OF THE SECTOR, WE ARE INTERESTED IN THE MAIN ECONOMIC AND TECHNOLOGICAL STAKES OF FASHION, FINE WATCHMAKING, JEWELRY, GASTRONOMY, COSMETICS, PERFUMES, HOTELS, PRESTIGIOUS REAL ESTATE...********[FR] Claire Domergue, spécialiste de la communication dans le secteur du luxe, s’est entourée d’experts pour créer le premier média consacré à l’actualité économique du Luxe et de la mode. Ce dernier attire tout particulièrement l’attention de ses lecteurs sur l’ensemble des acteurs majeurs de ces secteurs qui y partagent leurs expériences, visions et savoir-faire. Plus qu’un webzine spécialisé, Luxus Plus est un système d’information multi-sectoriel, devenu l’outil de veille de référence pour les professionnels du luxe et de la mode. Nos newsletters de veille contribuent en effet à sensibiliser nos lecteurs aux mutations qui touchent les industries du luxe. Grâce à une veille accrue et à une excellente connaissance du secteur, nous nous intéressons aux principaux enjeux économiques et technologiques de la mode, la haute horlogerie, la joaillerie, la gastronomie, des cosmétiques, parfums, de l’hôtellerie, l’immobilier de prestige…