Vestiaire Collective has closed $20 million in Series C funding. The lead investor was Condé Nast International. Existing investors Balderton Capital and Ventech Capital as well as new investor Idinvest Partners also participated in the round. In conjunction with the funding, Condé Nast International’s James Bilefield will join Vestiaire’s board. Based in Paris, Vestiaire Collective is a luxury goods resale platform.
Condé Nast International has led a $20m investment in Vestiaire Collective, the world’s leading resale community dedicated to trend driven luxury fashion and accessories, it was announced today by Jonathan Newhouse, Chairman and Chief Executive. As a new investor Idinvest Partners participated in this series C funding round, alongside existing investors Balderton and Ventech.
“Vestiaire Collective will appeal to our style conscious print and digital audiences around the world. As our media brands curate the latest fashion and accessories for the consumer, Vestiaire acts as a trusted intermediary between buyers and sellers of pre-owned items,”commented Newhouse.
Sébastien Fabre, Co-Founder and CEO of Vestiaire Collective, remarked “It is clear that inspiration leads to conversion in our environment. The legitimacy and the credibility of Condé Nast will reinforce our capacity to build an endless source of supply, pushing the convergence of pure user generated content and media to create the most inspiring social shopping experience.”
Mortiz von Laffert, Vice President of Condé Nast International, added “Condé Nast is recognised as the multimedia authority on fashion, and this investment continues our strategy to expand into e-commerce where there is opportunity driven by entrepreneurship and innovation. The first investment of its kind by Condé Nast International in France, this follows our recent investments in farfetch, Monoqi and Renesim, and investment activity of our parent company Advance Publications in the USA.”
James Bilefield will join the board of Vestiaire on behalf of Condé Nast International in his role as investments consultant.
Based in Paris, Vestiaire Collective is the leading global online marketplace for the resale of trend driven luxury goods. All items are chosen, verified and shipped by the Vestiaire Collective experts in France, allowing the consumer to buy and sell genuine trend-driven luxury brand handbags, accessories and clothing for women, men and children. Vestiaire Collective was the recipient of the European E-Commerce Gold Award in June 2013, honouring excellence in the European e-commerce sector, recognising those companies contributing positively to the development of online retail, digital innovation and improvement of the customer journey.
Condé Nast International (CNI), a division of Advance Publications, sets the benchmark for multimedia Publishing excellence. CNI currently operates in 27 markets, publishing 127 magazines, close to 100 websites and over 200 tablet and Smartphone apps, under such respected brands as Vogue, GQ, Glamour, Wired, Condé Nast Traveller, AD and Vanity Fair. Recent launches include Vanity Fair in France, Condé Nast Traveler in China, Vogue in Thailand, Ukraine and The Netherlands, GQ in Turkey, Glamour in Brazil, AD in India and Allure in Russia. CNI continues to expand beyond its traditional publishing domain, through activities which include: global events such as Vogue Fashion’s Night Out, GQ Men of the Year and Glamour Women of the Year; Wired events and consultancy services; The Vogue Wedding Show; CNI Restaurants and the Condé Nast College of Fashion & Design which recently opened in London.
Vestiaire Collective was created in 2009 with the intention of providing a trusted platform where people can buy and sell pre-owned fashion and accessories. It now has a growing community of 1.5m members and over 2.5m social interactions and mentions each month. The site differs from other consumer-to-consumer platforms through the combination of unique quality controls and the active online community of fashion lovers. All items on the site must be in perfect condition, regarded as on trend, in season and deemed desirable. Additionally, the site offers total freedom to its community members to converse and benefit from peer-to-peer reviews, feedback and comments on products proposed for sale by other members.
Balderton Capital is one of the leading venture capital firms in Europe. Based in London, Balderton manages $1.9 billion in committed venture capital, and has invested in over 100 companies, principally in Europe but also in the US and Asia. Balderton focuses on the technology, internet and media sectors. Current active investments include Betfair (floated on the LSE in October 2010), The Hut Group (one of Europe’s fast growing online retailers), Wonga (UK’s leading on-line short term lender), Talend (leader in open source data management) and YOOX Group (leading fashion e-tailer, listed in Milan). Past participations include Bebo (acquired by AOL for $850m), LOVEFiLM (sold to Amazon), Icera (acquired by Nvidia for $367m) and MySQL (acquired by Sun Microsystems for $1 billion).
Ventech Capital is a venture capital firm that, for more than a decade, has invested in recently formed companies or start-ups. These investments have focused more particularly on the Information Technology sector (internet, mobile, media), mainly in France, Germany and other European countries. Ventech is also present in China through a local team, dedicated to help the European companies in its portfolio develop their business in Asia and to invest in the region via a dedicated fund. With a total of more than €400 million raised, Ventech’s mission is to invest in ambitious projects to transform companies into leaders, enabling most of them to earn international recognition. Ventech was seduced by the Vestiaire Collective business model, resulting in an initial investment while the company was at incumbent stage and since then has continuously supported the company.
Idinvest Partners has €4 billion under management and 40 staff, and is a leading pan-European manager focused on the middle market segment. Idinvest Partners has developed several complementary areas of expertise including investments in innovative European start-ups, primary, secondary and mezzanine investments in European non-listed companies, and private equity consulting. Founded under the name AGF Private Equity in 1997, Idinvest Partners was formerly part of the Allianz Group until 2010 when it joined forces with IDI Group to become independent.