Xavier Kong · · 1 min readEx-Lazada CEO’s French fashion unicorn set to enter South Korea
Vestiaire Collective, a Paris-based luxury fashion platform led by ex-Lazada CEO Maximilian Bittner, announced it would be expanding into South Korea, Reuters reported.
With the move, Vestiaire Collective looks to capitalize on South Korea’s burgeoning luxury market and leverage the expansion to scale to other Asian countries.
The firm’s expansion comes amid a rapid growth of pre-owned fashion sales, which has been driven by young shoppers looking to make more environmentally friendly fashion choices.
This has also prompted luxury labels to explore the secondhand market in a bid to entice a younger consumer base or as an add-on service for its existing customers.
Vestiaire Collective was founded in 2009, and Bittner took the helm in 2019. Last year, the company raised US$426 million in funds, with investors such as Tiger Global Management and SoftBank Group supporting its funding rounds.
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Editing by Miguel Cordon and Joy Tirkey
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