PARIS — Eurazeo said it has taken a minority stake in Vestiaire Collective, a European seller of pre-owned fashion and accessories.
The Paris-based private equity fund, which has also invested in Moncler and Desigual, said it contributed 20 million euros, or $22.5 million at current exchange, as part of a capital increase. This is part of a larger investment of 33 million euros, or $37.2 million, raised by a pool of existing shareholders, which include Condé Nast, Balderton Capital, Ventech and Indinvest.
Vestiaire operates sites in France, the U.K., Germany, Italy and the United States and in 2014 generated revenues of 46 million euros, or $61.2 million at average exchange rate for the period.
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The site posted 85 percent growth in sales volume in the first half of 2015, Eurazeo said.
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According to the investment fund, the capital injection will be used to strengthen Vestiaire’s leadership in Europe and accelerate growth in the U.S.
The site has 4 million members worldwide and offers a minimum of 400,000 items at any given time. Each week, a team of stylists adds 20,000 new items to the catalogue, which are checked for authenticity by a team of experts.
“Faced with changing consumption patterns, digital technology, community networks, luxury goods and brands, Vestiaire Collective represents the type of investment we wish to conduct with Eurazeo Croissance,” said Virginie Morgon, deputy chief executive officer of Eurazeo.
Sébastien Fabre, founder and ceo of Vestiaire Collective, added: “This capital raising represents a phase in the life of Vestiaire Collective in which, as an entrepreneur, I take particular pride. We are setting the conditions for hyper-growth. Current investor support and the arrival of Eurazeo have strengthened our resolve to fast-track the toll-out of our international development plan.”