Vestiaire Collective

Last updated
Vestiaire Collective
Company type Private
Industry Recommerce, Fashion
Founded2009;15 years ago (2009)
FounderFanny Moizant, Sophie Hersan
Headquarters Paris, France
Key people
Maximilian Bittner (CEO), Fanny Moizant (President)
ProductsPre-loved fashion and luxury items including clothing, footwear, accessories, and jewelry
ServicesConsignment, Authentication, RaaS
Number of employees
~500
Website us.vestiairecollective.com

Vestiaire Collective is a global platform for buying and selling pre-owned luxury and designer fashion. It follows a sustainability-focused approach called "Think First, Buy Second," which encourages conscious shopping. [1] [2] The platform connects buyers and sellers of secondhand luxury and designer items, with listings digitally verified and curated by an internal team supported by AI. Buyers can choose physical authentication through international hubs or opt for direct shipping. [3] [4]

Contents

History

Vestiaire Collective was founded in 2009 as "Vestiaire de Copines" by Fanny Moizant, Sophie Hersan, Sébastien Fabre, Alexandre Cognard, Henrique Fernandes, and Christian Jorge. [5] [6] [7] The platform launched with 3,000 pre-owned fashion items sourced from friends and family. In 2012, the company rebranded to "Vestiaire Collective" and began expanding internationally. [8]

Vestiaire Collective started operations in the United Kingdom in 2012, followed by its expansion into the United States in 2014. [9] [10] The company continued its international growth, reaching various European markets in 2015 and further expanding to Hong Kong, Singapore, and Australia by 2017. Today, Vestiaire Collective operates in over 70 countries worldwide. [11] [12]

In 2019, Maximilian Bittner became the Global CEO, with a focus on increasing the company's presence in the US market. [13] [14] Maximilian Bittner is a tech entrepreneur and CEO of Vestiaire Collective. He started his career at Morgan Stanley’s Investment Banking division in London prior to joining McKinsey & Company in Germany. Bittner founded Lazada Group, the main online shopping destination in Southeast Asia, in 2012. He was the driving force behind the company, which quickly consolidated its position as the market leader in the region. Following its rapid growth, Alibaba group purchased a controlling stake in 2016. Maximilian Bittner joined Vestiaire Collective in 2019. As Global CEO, he is currently responsible for spearheading the company’s ambitious growth strategy and to promote circularity at scale.

In 2020, Vestiaire Collective was recognized as the 11th French Unicorn part of the French Tech Next 40/120 list. [15] At the next year, 2021, the company became a Certified B Corporation. [3] [4]

In March 2021, Vestiaire Collective raised €178 million in a funding round led by Kering and Tiger Global Management. [16] In September 2021, the company secured another €178 million led by SoftBank and Generation Investment Management. [17]

In 2022, Vestiaire Collective began a three-year plan to ban 63 fast fashion brands, with 30 banned in 2022 and 33 in 2023. The goal is to raise awareness about textile waste and overconsumption. The company, with help from experts, defined fast fashion based on factors like low prices, frequent collections, large product ranges, quick production, and heavy promotion. [18] [19] [20] [21]

By November 2023, Vestiaire Collective's valuation reached €1.1 billion, following a financing round. [22]

In December 2023, Vestiaire Collective's cofounders Fanny Moizant and Sophie Hersan were awarded the "National Order of Merit" by the French Ministry of the Economy. [23]

In January 2024, the "Make it Iconic" campaign included Fanny Moizant and Sophie Hersan in the list of 40 iconic public figures, recognized for their roles as cofounders of a sustainable fashion initiative. [24] [25]

In February, the company conducted a crowdfunding campaign, raising approximately €3.5 million, surpassing its initial target by more than three times. [26]

Founders

Fanny Moizant

Fanny Moizant is the Co-Founder and President of Vestiaire Collective. [27] Named one of Forbes' 40 Women of 2021, [28] Fanny currently serves on the IFM Board and was formerly on the SMCP Board. Fanny also leads the company alongside CEO Maximilian Bittner. In December 2023, Fanny was awarded the "National Order of Merit" by the French Ministry of the Economy for her achievements as co-founder of Vestiaire Collective. [23]

Sophie Hersan

Sophie Hersan is the Co-founder and Fashion Director of Vestiaire Collective. [29] She holds a background in economics and political science and studied at the ESMOD fashion design school in Paris. She has 15 years of experience as a studio director and model for leading designers. In December 2023, she was honored with the "National Order of Merit" by the French Ministry of the Economy for her significant contributions to the company. Sophie serves as a board member of Paris Good Fashion, an initiative launched by the City of Paris aimed at developing sustainable, supportive, and responsible practices in the fashion sector.

Operations

Vestiaire Collective's operations are built around four pillars: Fashion, Trust, Community, and Impact. [30] [31]

Vestiaire Collective's 2024 Circularity Report, "Exposing the True Cost of Fast Fashion," outlines the environmental and financial downsides of fast fashion, noting that these items are often worn less and discarded quickly. The report suggests that pre-owned luxury fashion is 33% more cost-effective over time and has a lower environmental impact. Vestiaire Collective's circular model is reported to prevent three times more emissions than it produces, contributing to a positive environmental effect. [48] [49]

Awards and Recognitions

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References

  1. ↑ "Vestiaire Collective est-il fiable ?". Centre d'aide (in French). Retrieved 2024-09-13.
  2. ↑ "Exposing the True Cost of Fast Fashion". fr.vestiairecollective.com. Retrieved 2024-09-13.
  3. 1 2 3 "Fashion sustainability Report 2022". Vestiaire Collective. Retrieved 2024-09-13.
  4. 1 2 3 "Vestiaire Collective - Certified B Corporation - B Lab Global". www.bcorporation.net. Retrieved 2024-09-13.
  5. ↑ "Vestiaire Collective celebrates its 10th anniversary with an online treasure hunt". nss magazine. Retrieved 2024-09-13.
  6. ↑ Prant, Dara (2019-03-21). "How Fanny Moizant Grew Vestiaire Collective From a Small Apartment Operation to a Luxury Resale Giant". Fashionista. Retrieved 2024-09-13.
  7. ↑ "Vestiaire Collective Company Profile: Financials, Valuation, and Growth". PrivCo. Retrieved 2024-09-13.
  8. ↑ Chabal, Audrey (2016-06-20). "Start-up : Les 20 Plus Grosses Levées De Fonds Françaises En 2015 Et 2016". Forbes France (in French). Retrieved 2024-09-13.
  9. ↑ "Vestiaire Collective pousse l'international". Les Echos (in French). 2016-02-23. Retrieved 2024-09-13.
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  11. ↑ "Vestiaire Collective va se concentrer sur l'Australie, Hong Kong et Singapour". videos.lesechos.fr. 2017-03-15. Retrieved 2024-09-13.
  12. ↑ "Dailymotion". www.dailymotion.com. Retrieved 2024-09-13.
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  15. 1 2 "Sweep is part of French Tech Next40/120 - Sweep". SWEEP - Sustainability data management. Retrieved 2024-09-13.
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  25. 1 2 "Macron au Forum de Davos mercredi à la rencontre de grands patrons étrangers". Le Figaro (in French). 2024-01-09. Retrieved 2024-09-13.
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  34. ↑ "Chloe x Vestiaire collective". chloe.com. Retrieved 2024-09-13.
  35. ↑ "Burberry x Vestiaire Collective". burberry.vestiairecollective.com. Retrieved 2024-09-13.
  36. ↑ "GIGLIO.COM x Vestiaire Collective". gigliocom.vestiairecollective.com. Retrieved 2024-09-13.
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  38. ↑ "Mulberry x Vestiaire Collective: Made to Last". vestiairecollective.com. Retrieved 2024-09-13.
  39. ↑ "Labels we love". fr.vestiairecollective.com. Retrieved 2024-09-13.
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  43. ↑ "Rencontre avec Vestiaire Collective, leader européen de la mode de luxe d'occasion". Adyen (in French). Retrieved 2024-09-13.
  44. ↑ "Vestiaire Collective lève 59 millions d'euros pour aider sa communauté à transformer l'industrie de la mode pour un avenir meilleur". Bpifrance 2024 | Presse. 2020-04-20. Retrieved 2024-09-13.
  45. ↑ Camara, Sharon (2022-04-22). "L'impact positif de la seconde main sur l'environnement, selon Vestiaire Collective". FashionUnited (in French). Retrieved 2024-09-13.
  46. ↑ "Vestiaire Collective | OpenClimat, la référence de l'action climatique des entreprises". www.openclimat.com. Retrieved 2024-09-13.
  47. ↑ Fontaine, Aéris (2024-04-15). "Vestiaire Collective partage ses objectifs pour réduire son empreinte carbone". FashionUnited (in French). Retrieved 2024-09-13.
  48. ↑ Hendriksz, Vivian (2024-04-24). "Vestiaire Collective introduit une mesure du coût par vêtement dans le cadre de son rapport sur la circularité 2024". FashionUnited (in French). Retrieved 2024-09-13.
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