Paris-based online fashion retailer Vestiaire Collective has completed a 40 million euro ($45.2 million) funding round led by French national investment bank Bpifrance and its new CEO, Max Bittner, it said in an announcement on Wednesday.
The funding will be used to sustain Asian growth momentum where Vestiaire Collective sees a 140 per cent gross merchandise volume in Q2 2019, as well as the recent launch of numerous new markets including Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil, and Mexico.
Vestiaire Collective also plans to expand its international recruitment with an emphasis on the tech and data teams. Since the arrival of Bittner this January, the company had recruited some 120 new talents from more than 20 nationalities across six offices.
Launched in Paris in October 2009, Vestiairecollective.com has over 8 million fashion savvy members, across 50 countries worldwide with offices in Paris, London, New York, Milan, Berlin, and Hong Kong. It counts American media giant Condé Nast International and European VC firm Ventech as its investors.
“I am personally very excited to scale the business and continue to revolutionise the fashion industry together with the co-founders Fanny Moizant and Sophie Hersan and the rest of the team. We want to build an international tech and data first company, leveraging Vestiaire Collective’s incredible brand and fashion DNA,” he said.
Bittner is the founder and former CEO of Southeast Asia’s largest e-commerce platform Lazada Group. He founded Lazada in 2012, which was then acquired by Chinese internet giant Alibaba in 2017 at a valuation of $3.15 billion.
Last November, he co-led a $4 million Series A round in cloud-based shipping software startup Easyship with former Richemont CEO Richard Lepeu.