French luxury resale site Vestiaire Collective’s onward march is continuing with news that it has raised a further €178m in new finance, six months after a previous funding round. The firm is now valued at $1.7bn.
The pandemic has forced luxury goods companies to use social media, video and virtual showrooms to woo their wealthy customers in Europe when tourists, especially from China, have been absent for more than a year.
Jean-Marc Bellaiche took charge of French retail group Le Printemps in September 2020. In this interview, he explains how he is dealing with store closures and the Covid-19 crisis, while working to transform the group.
The pre-owned fashion market is forecast to grow worldwide by 15-20% per year until 2025, says a survey by BCG for resale specialist Vestiaire Collective, outlining the different profiles of the market’s players.
The two management consulting experts have outlined for FashionNetwork.com what the post-Covid-19 luxury market will look like. They believe luxury labels will be faced with five main challenges in the coming weeks.
According to a survey by BCG/Bernstein, the pandemic could wipe out up to nearly a third of the luxury market's value, estimated at €350 billion in 2019, with heavy repercussions on luxury groups’ EBITDA and cash flow.