Outside of the European Union, the two companies also began offering resale services in the U.K. customers by giving their designer pieces a second life while at the same time we fulfil our ESG commitment to drive circularity within the industry,” Kliger added. The service “will provide a real benefit to our loyal U.S. market,” said Mytheresa CEO Michael Kliger. “After great success in Europe, we’re excited to bring our unique and innovative partnership with Vestiaire Collective to the hugely important U.S. The two companies are working on expanding the service to include a wider array of customers, designers as well as product categories in the coming months. builds upon an existing partnership between the two companies in Europe, where customers can sell handbags from 20 approved luxury designers. Once the item has been authenticated, they will receive a quote for their article. Mytheresa customers will have access to a web interface where they can list their products. The service will initially be made available on an invite-only basis to top customers in the country, enabling them to sell their pre-used items for a Mytheresa store credit. 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”.Luxury eTailer Mytheresa is expanding its partnership with resale platform Vestiaire Collective to the U.S. 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. Founded during the 2008 crisis, the model has clearly demonstrated its ability to continue to thrive during challenging conditions. And it offered up figures that suggest the volume of secondhand pieces in people’s wardrobes is predicted to grow from 21% in 2021 to 27% in 2023 with the forecast value of the secondhand sector at $60 billion+ by 2025.Īs well as the sector as a whole, the company itself has enjoyed a powerful growth curve and CEO Bittner said: “This latest round of investment confirms the incredible trajectory of Vestiaire Collective. This has been predominantly driven by younger consumers’ increased focus on sustainability and a growing trend for social shopping and online communities”. Vestiaire Collective said the pre-owned fashion sector has “experienced rapid growth over the last three years with a further acceleration during the pandemic. Among them are existing shareholders including Vestiaire Collective’s CEO Max Bittner, Bpifrance (Large Venture), Condé Nast, the Eurazeo Group, funds managed by Fidelity International, Korelya Capital, Luxury Tech Fund via LTF & Cuir Invest and Vitruvian Partners. It said the new cash is there to help it “accelerate its growth in the secondhand market and drive change for a more sustainable fashion industry”.Īnd it added that “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”.Īnd as well as Kering and Tiger, the latest funding includes a number of illustrious names who are reinvesting and clearly all believe that resale has bright prospects. This fits naturally with our entrepreneurial spirit, our pioneering sustainability strategy, and our modern vision of luxury.”įor Vestiaire Collective, it’s undeniable that having the owner of brands such as Gucci, Bottega Veneta and Saint Laurent on board is a major endorsement of the resale concept and its place in the future of luxury fashion. 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.
The group’s chairman and CEO François-Henri Pinault said that “pre-owned luxury is now a real and deeply rooted trend, especially among younger customers. Kering now has a roughly 5% stake and representation on the Vestiaire Collective board. Vestiaire Collective has received a new €178m ($ 216m) financing round backed by Kering Group and US-based Tiger Global Management.
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