Cision Distribution 888-776-0942 LinkedIn. There are many ways luxury brands can capture value from the preowned boom, bearing in mind that more than 62% of consumer respondents said they would be more willing to buy from fashion brands that partner with secondhand players. Vestiaire Collective raises €59 million to increase footprint in Asia. All Rights Reserved. If you would like to join us, have a look on our career opportunities below! The company will use the funds to further increase its growth, develop its presence in the United States where its aim is to rapidly achieve the same leadership position that it enjoys in Europe and to move to expand into the APAC region, where the early evidence underscores the potential for the model to succeed. Based on a survey carried out in June 2020 to 7000 Vestiaire Collective members located in 6 countries (The US, France, Spain, Italy, Germany and the UK). Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. Find out more about how we use your information in our Privacy Policy and Cookie Policy. Looking beyond general preferences, the report also identifies six consumer segments, each with distinct attitudes and behaviors, representing the various ways in which participants engage with the secondhand market. The resale market is currently estimated to be worth $30 to $40 billion, with the market predicted to grow by a CAGR of 15% to 20% globally over the next 5 years, and even higher in developed markets, which could see a 100% YoY growth. A Thriving Secondhand Market Drives Sustainable Consumption. In Vestiaire Collective’s case, the baton was handed over to Max Bittner, formerly the founder and CEO of Lazada Group, in January last year. [Read: Being a good boss is … Vestiaire Collective just closed another big round of funding in the middle of an economic crisis — the round closed in early April. By Tamison O'Connor April 20, 2020 23:01. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Vestiaire Collective has posted consistent strong growth over the past 4 years. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. The presence of a thriving preowned market encourages all three goals. Buy! European resale market leader Vestiaire Collective has raised €59 million ($63 million) from new investors Korelya Capital, Vaultier7 and Cuir Invest, alongside existing shareholders including Eurazero, … Luxury Brands Benefit from a Healthy Secondhand Market. The analysis offers valuable insights to help brands better understand the shoppers of today and tomorrow, which will also be useful in recognizing how secondhand consumers may evolve from occasional shoppers of luxury items, for example, to full-fledged brand loyalists. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact. Our people and values have built our success and made us who we are as a fast growing up company because we think collective : we work with style, with entrepreneurial spirit and with passion. The luxury resale platform has found fresh capital during Covid-19 as it eyes expansion in Japan and South Korea. Over 70,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces @vestiaireco. Vestiaire Collective Much is said about the meteoric rise of online retail in a world where consumers are demanding access to global products at the click of a button. Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. PARIS, Oct. 20, 2020 /PRNewswire/ -- Vestiaire Collective, the leading global community platform for desirable preowned fashion, and Boston Consulting Group have partnered for the second year running to release a new survey, The Consumers Behind Fashion's Growing Secondhand Market, exploring the evolving dynamics of the global resale market. 100% of the items are curated and manually controlled by our experts! Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Share! A, HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. Encouraging consumers to join the circular economy and adopt a more conscious approach to fashion consumption, the platform is unique due to its highly engaged community, its rare desirable inventory, and high level of trust it has built due to its authenticity and quality control process.