Despite coronavirus jitters the firm is accelerating its international expansion.
A lockdown in the major financial markets and a slowdown in business has made some investors shudder, while others press ahead.
The latest round is aimed at accelerating the firm’s international expansion. In particular, with the new investment by Korelya Capital, which is backed by South Korean technology conglomerate Naver, Vestiaire Collective has in its sights Japan, the biggest resale market in the world, and South Korea in 2020 and beyond. Currently, over 80 percent of the French-headquartered company’s transactions are generated cross-border.
“A renewed consciousness of community, arising out of the COVID-19 experience, is also likely to spur increased activity in secondhand channels and retail and resale will continue to converge,” they said. Last fall, a survey conducted by the Boston Consulting Group and Vestiaire Collective released a report saying the pre-owned market is set to grow around 12 percent a year, outpacing luxury industry growth to reach a 9 percent share of the personal luxury goods market.
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