Based in Hong Kong, the Vestiaire Collective co-founder has had a banner year in 2021. We interviewed her via video conference shortly after the announcement of a mega-funding round from SoftBank.

Second-hand clothes are in fashion!

At the beginning of the year, Vestiaire Collective became the eleventh French "unicorn", meaning that its valuation exceeded one billion dollars. A few months later, the company did it again and raised 178 million euros, in an operation led by SoftBank Vision Fund. What did the arrival of the prestigious Japanese investor in the company's capital change?
F.M : The year 2021 has indeed been one of acceleration for Vestiaire Collective, which has acquired three new major shareholders. The Kering group (editor's note: owner of the Gucci, Yves Saint Laurent and other brands) participated in the February fundraising. During the last round of financing, we convinced the Generation Investment Management fund of former US vice-president Al Gore. It is a pioneer in sustainable development investment, with a strong interest in the circular economy. As for SoftBank, it is obviously a prestigious reference, the leading tech investor in the world. They will help us to develop in Asia, a continent where we have great ambitions.

In concrete terms, how will SoftBank support your Asian expansion?

It's too early to talk about it. We haven't even had the time to hold our first board meeting together yet! But they will bring us their expertise of the Asian continent, help us recruit talent and approach big brands... Their address book is well stocked.

Vestiaire Collective is not starting from scratch in Asia. You yourself moved to Hong Kong five years ago...
That's right. I was involved in the first phase of Asian expansion. We developed the three markets closest to Western culture, namely Hong Kong, Singapore and Australia. I used this time to analyse the competitive landscape and consumer habits. Now we are going to tackle more complex markets like Korea, China and Japan.

Is Kering involved in the company's strategy, or is it a passive shareholder?
Kering is a key player in the global luxury fashion market and Vestiaire Collective offers a disruptive model in this market. We have a lot to learn from each other and we are delighted with their confidence. This investment marks a turning point for us and for the industry in general. It gives us a strong credibility as a player in the second-hand market. We were thinking together about the necessary transition of the fashion market towards a true circular economy, and our work is taking shape through partnerships with some of the Kering group's houses.

by Thomas Lestavel

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