PARIS — Vestiaire Collective has raised 58 million euros, or about $62.25 million at current exchange, the online platform for buying and selling second-hand luxury goods said Tuesday.
The company said it hopes to strengthen its position in Europe, fuel growth in the U.S. — the site launched there in 2015 — and expand into new markets. The funds would be used to speed improvements to the company’s platform and hire 120 new staff over the next 18 months, as well as invest in a new logistics facility in France.
Vestiaire Collective has raised a total of 116 million euros, or $124.49 million, since the Paris-based site was founded in 2009. Vestiaire Collective physically checks the authenticity of every items posted for sale on the site, which claims to have more than six million users in 48 countries.
The latest round’s principal investor was Vitruvian Partners, a private equity firm that has previously taken stakes in online fashion retailer Farfetch as well as Skyscanner and Just Eat. Existing shareholders that contributed funds include Eurazeo, which also has stakes in Desigual and Moncler, and Idinvest Partners, an investor in Isabel Marant.
In a separate statement, Eurazeo said it had upped its total investment in Vestiaire Collective to 32.5 million euros, or $34.9 million. It had invested 20 million euros, or $21.49 million, back in September 2015.
French contemporary brand Zadig & Voltaire and Condé Nast International have also contributed to previous funding rounds.
“[Investors] are providing us with the means for organic and possibly non-organic growth,” said Sébastien Fabre, Vestiaire Collective’s founder and chief executive officer. Fabre said the site’s ambition was to become the “leading global company in luxury and premium pre-owned fashion.”
“Vestiaire Collective is the largest specialist marketplace for pre-owned luxury clothes and accessories in Europe by a great distance and its highly disruptive platform is rapidly growing the market and enabling it to take share from less-efficient legacy models,” Thomas Studd of Vitruvian Partners said. Studd also cited the site’s “highly engaged and enthusiastic user base” as a vector for growth.