Kering: invests in Vestiaire Collective platform
(CercleFinance.com) - Yesterday evening Kering announced that it has invested in Vestiaire Collective, taking a stake of around 5% in the second-hand fashion platform.
In a statement, the French luxury group says that, alongside the US investment company Tiger Global Management, it participated in a 178 million euro (216 million dollars) fund-raising round led by the e-commerce site.
François-Henri Pinault, Kering's CEO, says that his group wants to "seize the opportunity" represented by the trend of second-hand luxury goods among young consumers.
The second-hand fashion sector has been experiencing rapid growth over the last three years, in particular driven by the ecological commitment of young generations of consumers and by an increase in purchases on social networks.
The share of second-hand items in people's wardrobes is expected to increase from 21% in 2021 to 27% in 2023, with a market expected to exceed 60 billion dollars by 2025.
Last year, Vestiaire Collective recorded a 90% increase in the number of its members.
Kering specifies in its press release that it will be represented on the board of directors of Vestiaire Collective, which was founded in 2009 by a group of French entrepreneurs.
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