Vestiaire Collective just closed another big round of funding in the middle of an economic crisis — the round closed in early April. The startup raised $64.2 million (€59 million) and the company has raised more than €209 million in total, according to Crunchbase. Vestiaire Collective operates a marketplace of pre-owned fashion items. Users can both sell and buy clothes and accessories on the platform.
There’s a huge list of investors in today’s round — Korelya Capital, Fidelity International-managed funds, Vaultier7, Cuit Invest and existing investors Eurazeo (Eurazeo Growth and Idinvest Venture funds), Bpifrance, Vitruvian Partners, Condé Nast, Luxury Tech Fund and Vestiaire Collective CEO Max Bittner are all participating.
With 9 million members across 90 countries, Vestiaire Collective has become a huge marketplace. And it makes sense that an e-commerce website focused on pre-owned items is working well. There has been a ton of backlash against fast fashion over the past few years.
People now also value circular business models as it becomes more affordable to refresh your wardrobe, especially during an economic crisis, and it is better for the environment.
As always, Vestiaire Collective will use the new influx of cash to expand to more countries. In particular, with Korelya Capital as a new backer, the company will expand to South Korea and Japan this year. While the company started in France, 80% of transactions are now cross-border transactions.
Originally, Vestiaire Collective asked you to send your items to its warehouses to check them before putting them on sale. The startup has been betting on direct shipping from the seller to the buyer in Europe and it has been working well. You can get reimbursed if there’s something wrong with what you ordered though.
Direct shipping has been available in Europe since September 2019 and it now represents over 50% of orders in the region. Up next, Vestiaire Collective will introduce direct shipping in the U.S. this summer and in Asia by the end of 2020.
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London, The Lowest Priced Louis Vuitton Bags in the World

Louis Vuitton Marc Newson Fleece Backpack

....Have you packed your bags yet? No pun intended!

How is this even possible you ask? It's economics my Dear Watson! With the fall of the Brittish pound back in June, dropping more than 17% against the American dollar - actually has some benefits. The cost of luxury goods, for the itme being, cost less in the UK after the conversion.

According to research by Deloitte, the Speedy 30 Louis Vuitton handbag is $802 in London, compared with $850 in Paris, $970 in New York, and $1,115 in China. All relative o course.

Louis Vuitton Speedy Bandoulière 30 Aurore

"The trend in luxury pricing in the U.K. is being driven mainly by the depression in sterling – thus making the same item more affordable in the U.K. market than any other major luxury market," Nick Pope, the head of fashion and luxury at Deloitte, told the BBC.

‘People don’t like paying more for the same product.’

In fact, it’s said that 64% of comparable luxury goods are now cheapest in the UK.