PARIS — On-line style resale platform Vestiaire Collective mentioned on Wednesday it’s increasing into South Korea, selecting the fast-growing luxurious market as a springboard for a deeper push into Asia.
The enlargement of the Paris-based tech start-up that hit unicorn standing final 12 months comes as pre-owned style gross sales proceed to develop shortly, fueled by younger, environmentally acutely aware consumers searching for bargains for second-hand clothes.
The platform will probably be out there in Korean and the corporate is including an authentication web site to its operations in Seoul.
Whereas luxurious labels have historically been cautious of secondhand sellers, an growing quantity are exploring methods of getting concerned out there, partly as a strategy to have interaction with youthful shoppers or to supply an additional service to high-spending consumers.
Traders in Vestiaire Collective embrace French luxurious group Kering SA which took a 5% stake final 12 months, in addition to non-public fairness agency Eurazeo SE, Japan’s SoftBank Group Corp, U.S. funding agency Tiger World Administration and Vogue writer Conde Nast.
Based in Paris in 2009, the platform sells style and leather-based equipment from luxurious labels equivalent to Louis Vuitton, Gucci, Prada and Dior, and in Could marked its highest transaction – a Birkin purse from Hermes that bought for 158,000 euros ($160,117). ($1 = 0.9868 euros) (Reporting by Mimosa Spencer; Modifying by Christopher Cushing)
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