Paris marketing campaign shot from Vestiaire Collective.
Pre-owned luxurious style market Vestiaire Collective has launched a brand new localized service in South Korea. The transfer follows its acquisition of U.S retail market Tradesy in Might, a deal which gave the mixed firm a world membership group of 23 million with a gross merchandise worth exceeding $1 billion.
The brand new launch offers the South Korean group entry to Vestiaire Collective’s catalogue of 5 million objects — 25,000 new items being added daily — plus entry for the remainder of the world to the wardrobes of South Korean sellers. The nation is thought for its distinct style standpoint as evinced by the Ok-Pop and Ok-drama protagonists which have turn into an integral a part of world standard tradition.
On either side, this implies entry to labels tough to acquire outdoors of a selected native territory. Anticipate a brand new motion of ParKo —Parisian meets South Korean fashion. The transfer can also be set to additional democratize entry to style globally whereas selling sustainability and circularity.
“With its speedy progress and modern multi-channel market, South Korea has such a fantastic potential. We’re very excited to enter this market at present, increasing our seamless localized companies and providing South Korean prospects entry to an enormous world group of potential consumers and sellers,” stated Vestiaire Collective CEO Max Bittner in a press release. “We anticipate this strategic launch to profit different markets throughout the Asia-Pacific area.”
“South Korea is a really dynamic nation main world developments in tech, style and sustainability. Launching in South Korea not solely permits us to satisfy the massive demand within the resale market, but in addition broadens the availability obtainable to South Korean prospects with our extremely fascinating worldwide catalog,” added Vestiaire Collective Co-founder and president, Fanny Moizant.
In accordance with Bain & Firm, South Korea’s luxurious market dimension quantities to some $15 billion, making it one of many world’s 10 largest markets for private luxurious items. Following profitable launches in Australia, Singapore, and Hong Kong, that is the primary time the platform is increasing a full-on localized service to Asia.
The absolutely localized service options Korean language all through the location, native foreign money KRW fee and simple sign-up strategies synced with native engines Naver and Kakao. As with the remainder of the world, comfort retailer drop offs and native courier decide up come as commonplace.
Vestiaire Collective has additionally opened a neighborhood workplace in Seoul together with its fifth authentication middle in after Tourcoing (France), New York, Hong Kong, and London.
Following a number of profitable rounds of investments in 2021 together with from Naver-backed Korelya Capital, Kering Group, Tiger Administration World and others, Vestiaire Collective grew to become a unicorn firm in March 2021. In September 2021, it grew to become the primary resale platform and first French unicorn to obtain the coveted B Corp Certification.
In Might 2022 Vestiaire Collective unveiled a 4500m2 low influence, excessive sustainability HQ in a refurbished Haussmannian constructing in Paris.
