Vestiaire Collective gets a new credit facility | Bot To News

Paris-based luxury fashion platform Vestiaire Collective has secured a £64.4m (€75m) credit line from Crédit Agricole CIB, Societe Generale, HSBC, Bank of America and Goldman Sachs.

Max Bittner, CEO and president of Vestiaire Collective, said in a LinkedIn post that 2022 had been “an exciting journey” for the business, including the acquisition of Tradesy and its launch in South Korea. Now with a new credit facility, he describes the business as “looking to 2023 with great confidence.”

Speaking about the credit facilities, Bittner said: “In a rather challenging macroeconomic environment, the support of such a group of international banks highlights the enormous progress our team has made in recent years.

“With secondhand 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.”

In September 2022, Vestiaire Collective raised another £152.8m (€178m) in new investment, six months after a previous funding round. It means the company is now valued at approximately £1.39 billion.

The company recently announced a ban on fast fashion resale on its global platform as part of its mission to “fight fashion waste.” The company said it was inspired to make the move after a trip in October this year to Kantamanto in Ghana, where 15 million unwanted fashion items arrive each week.

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