According to the press release, the funding round comes after a strong year that saw the platform’s transaction volume grow over 100% year-on-year. This financing round grants Vestiaire Collective Unicorn status and ideally positions it for its next cycle of accelerated growth.
The pre-owned fashion sector has experienced rapid growth over the last three years with a further acceleration during the pandemic. This has been predominantly driven by younger consumers' increased focus on sustainability and a growing trend for social shopping and online communities.
Furthermore, the amount of second-hand pieces in people’s closets is predicted to grow from 21% in 2021 to 27% in 2023 with the value of the second-hand sector forecasted to be worth over USD 60 billion by 2025. Besides, according to the company's officials, the resale sector as a whole is experiencing rapid growth, especially amongst Millennial and Gen Z consumers, which will come to shape the retail landscape of the future.
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