French luxury group, Kering, which owns brands such as Gucci, Saint Laurent and Stella McCartney together with US investment firm, Tiger Global Management, have invested HK$215 million dollars in the resale platform, Vestiaire Collective. The investment allowed Kering to acquire a five per cent stake in the company.
The investment is partly due to a strong year for Vestiaire Collective, seeing its transaction volume grow over 100 per cent year-on-year. The move grants the platform unicorn status and ideally positions it for its next cycle of accelerated growth.
"This latest round of investment confirms the incredible trajectory of Vestiaire Collective, founded during the 2008 crisis, the model has clearly demonstrated its ability to continue to thrive during challenging conditions. 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," says Maximilian Bittner, CEO of Vestiaire Collective.