Fashion resale platform Vestiaire Collective expands into South Korea

PARIS (Reuters) – On the internet trend resale platform Vestiaire Collective claimed on Wednesday it is increasing into South Korea, picking out the speedy-expanding luxurious industry as a springboard for a deeper press into Asia.

The enlargement of the Paris-dependent tech start off-up that strike unicorn position final year arrives as pre-owned vogue product sales continue to grow rapidly, fuelled by younger, environmentally mindful consumers seeking bargains for 2nd-hand apparel.

The platform will be out there in Korean and the corporation is introducing an authentication website to its operations in Seoul.

Though luxurious labels have usually been cautious of secondhand sellers, an escalating amount are discovering approaches of acquiring included in the market place, partly as a way to engage with younger consumers or to deliver an more assistance to large-paying shoppers.

Investors in Vestiaire Collective include French luxurious team Kering SA which took a 5% stake very last 12 months, as effectively as personal fairness business Eurazeo SE, Japan’s SoftBank Team Corp, U.S. financial commitment company Tiger World wide Management and Vogue publisher Conde Nast.

Founded in Paris in 2009, the platform sells manner and leather extras from luxury labels these as Louis Vuitton, Gucci, Prada and Dior, and in May possibly marked its optimum transaction – a Birkin handbag from Hermes that offered for 158,000 euros ($160,117).

($1 = .9868 euros)

(Reporting by Mimosa Spencer Modifying by Christopher Cushing)