They said there is no doubt that Vestiaire “is meeting consumers where they want to be met coming out of this crisis,” which is what guided their investment decision. Suarez and Sweeting noted that Vestiaire Collective, which was founded 10 years ago, is at a much later stage than where V7 typically focuses, but they wanted to meet the new requirements of the entrepreneurs “who are meeting the evolving needs and expectations of consumers.” 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. Vestiaire Collective’s community of over 9 million fashion activists has already been leading by example and we are excited to support in spreading the word further, guiding more consumers in finding unexpected value in their wardrobes and empowering more to have their own positive impact on the environment.”īain & Company pegged the secondhand luxury goods market at $25 billion in sales in 2018, and said it would reach $51 billion by 2023.
“We have all had a stark reminder that we must think about tomorrow and not just today, we must think about others and not just ourselves. “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.
They added that in the post-pandemic era, “it is clear that channel distribution in the fashion space will weigh even more heavily toward online and consumer attitudes toward ownership and sustainability will change, for the better.” Vaultier7 founders Montse Suarez and Anna Sweeting, who specialize in fast-growing, consumer-facing businesses with a strong entrepreneurial bent, said they were already members of the Vestiaire Collective community, and felt it was “vital” to make an investment in Vestiaire at a time when many investors are holding back. Vestiare Collective ceo Max Bittner Courtesy Photo
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