Vestiaire Collective, the global pre-owned fashion platform, has announced the completion of a $210m (£154m) funding round.
Led by Softbank Vision Fund 2 and Generation Investment Management, the investment was also backed by existing shareholders Bpifrance, Condé Nast, Eurazeo, and funds managed by Fidelity International and Korelya Capital.
Following the funding round, which values Vestiaire at $1.7bn (£1.25bn), Marcelo Claure, CEO at Softbank International and COO at Softbank Corp, will join the circular fashion company’s board of directors.
The certified B Corp group claimed that it will use the funds raised across four key areas, the first being to support the firm in leveraging its leadership position to educate stakeholders in building a more sustainable fashion industry.
Vestiaire will also use the funding to improve its proprietary technology and differentiated services, and increase its penetration in existing markets.
Finally, a further extension to the group’s global reach via the entrance of new markets will be enabled by the investment.
Maximilian Bittner, CEO at the fashion platform, said the funding “is a recognition” of the group’s achievements, and “confirms the attractiveness” of its position that embraces luxury, technology, sustainability, and community.
He added: “We are honoured and delighted that SoftBank Vision Fund 2 and Generation Investment Management have decided to partner with Vestiaire Collective.
“Their respective experiences as preeminent global investors supporting high-growth business models will be highly valuable to us in our next phase of development.”