Fashion resale platform Vestiaire Collective expands into South Korea – Reuters.comFashion
An employee at "Vestiaire Collective" an online marketplace to buy and sell pre-owned designer clothing and accessories, checks clothing in Tourcoing, France, December 4, 2017. REUTERS/Pascal Rossignol
PARIS, July 26 (Reuters) – Online fashion resale platform Vestiaire Collective said on Wednesday it is expanding into South Korea, choosing the fast-growing luxury market as a springboard for a deeper push into Asia.
The expansion of the Paris-based tech start-up that hit unicorn status last year comes as pre-owned fashion sales continue to grow quickly, fuelled by young, environmentally conscious shoppers seeking bargains for second-hand clothing.
The platform will be available in Korean and the company is adding an authentication site to its operations in Seoul.
While luxury labels have traditionally been wary of secondhand sellers, an increasing number are exploring ways of getting involved in the market, partly as a way to engage with younger consumers or to provide an extra service to high-spending shoppers.
Investors in Vestiaire Collective include French luxury group Kering SA (PRTP.PA) which took a 5% stake last year, as well as private equity firm Eurazeo SE (EURA.PA), Japan's SoftBank Group Corp (9984.T), U.S. investment firm Tiger Global Management and Vogue publisher Conde Nast.
Founded in Paris in 2009, the platform sells fashion and leather accessories from luxury labels such as Louis Vuitton, Gucci, Prada and Dior, and in May marked its highest transaction – a Birkin handbag from Hermes that sold for 158,000 euros ($160,117).
($1 = 0.9868 euros)
Our Standards: The Thomson Reuters Trust Principles.
Europe's biggest hotel group Accor's shares sank more than 9% on Thursday after giving a disappointing 2022 profit outlook that overshadowed a big jump in half-year revenue.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved