General
Gucci owner Kering invests in resale platform Vestiaire Collective
French luxury group Kering has taken a 5 per cent stake in Vestiaire Collective, a leading platform for second-hand clothes and handbags, betting that the booming resale market will help it woo younger and more environmentally conscious shoppers.
The purchase is part of a 178 million euro (US$215 million) financing round announced on Monday which valued Vestiaire Collective at more than US$1 billion, the companies said.
U.S. investment firm Tiger Global management also invested in the platform, while existing shareholders including Vogue publisher Conde Nast and French private equity firm Eurazeo put more money in.
The pre-owned fashion market has enjoyed rapid growth over the last three years, with a further acceleration…
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