Cuir Invest among new backers of circular fashion platform
Cuir Invest, a fund led by the French leather industry, is among new backers of Vestiaire Collective, an online second-hand luxury goods platform.
Leathergoods and handbags are key items as leather is durable and holds its value.
A round of funding - supported by existing shareholders Eurazeo Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective's CEO – plus new backers Korelya Capital, Fidelity International, Vaultier7 and Cuir Invest has raised $64 million.
The money will be used to explore the expansion into Japan and Korea, launch direct shipping in the US, and to “offering a smart, circular and responsible alternative to throw-away fashion”.
The company said: “Vestiaire Collective has seen deposits and orders quickly rebound to the pre-covid-19 baseline or above. During this challenging period this clearly demonstrates customer demand for circular business models, both now and looking ahead to the future of the rapidly evolving retail landscape.”
