Miguel Cordon · · 1 min readEx-Lazada CEO’s luxury marketplace secures $79m credit facility
Paris-based Vestiaire Collective, the luxury fashion platform helmed by ex-Lazada CEO Maximilian Bittner, has secured a 75 million euro (US$79.1 million) credit facility from Crédit Agricole CIB, Societe Generale, HSBC, Bank of America, and Goldman Sachs.
Max Bittner / Photo credit: Vestiaire Collective
In a LinkedIn post, Bittner said the company is looking at the next year “with great confidence.” The credit facility comes after the company announced last month that it would be expanding into South Korea.
Vestiaire Collective also recently banned fast fashion from its platform, including products from Shein and H&M.
“With second-hand gaining ground every day and everywhere, Vestiaire Collective is better positioned than ever to accelerate the transformation of the fashion industry for a more sustainable future,” Bittner said in his post.
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Vestiaire Collective’s latest fundraise was a US$210 million round co-led by SoftBank Vision Fund 2 and Generation Investment Management. Earlier this year, it also acquired resale rival Tradesy.
Editing by Thu Huong Le and Jaclyn Tiu
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