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PR Newswire

Vestiaire Collective Raises €59 Million to Support Its Community in Changing the Fashion Industry for a Better Tomorrow

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PARIS, April 21, 2020 /PRNewswire/ —

  • The new round brings on board Korelya Capital, funds managed by Fidelity International, Vaultier7 and Cuir Invest
  • Existing shareholders Eurazeo (Eurazeo Growth & Idinvest Venture funds), Bpifrance, Vitruvian Partners, Conde Nast, Luxury Tech Fund and Vestiaire Collective’s CEO, Max Bittner also reinvest
  •  The round will be used to:
    –     Continue transforming the fashion system while offering a smart, circular and responsible alternative to throw-away fashion
    –     Jointly explore the expansion of the global business into Japan and Korea through Korelya Capital, backed by Naver
    –     Expand the launch of Direct Shipping service in the US

Ahead of Earth Day’s 50th anniversary and in this unprecedented period of uncertainty, Vestiaire Collective, the leading global platform for desirable pre-owned fashion today announces the completion of a €59 million round of financing, existing shareholders reinvest alongside new investors Korelya Capital, which is backed by Korean technology conglomerate Naver, funds managed by Fidelity International,  Vaultier7, a specialist female-led consumer fund, and Cuir Invest, which is backed by the French Leather industry.

The current economic and ecological crisis are accelerating an existing shift in consumer mindset, driven by growing criticism of waste-producing business models, and increased desire for purpose-driven brand action. As a company, Vestiaire Collective is committed to limiting the waste produced by the fashion industry, by keeping clothes out of landfill and increasing the number of times they are worn today, for a better tomorrow.

As the leading global resale platform, this round demonstrates that the Vestiaire Collective model embodies the future of the fashion industry and unifies growing consumer sentiments. Following the COVID-19 crisis, we expect:

  • Further adoption of online shopping, but more importantly an increased focus on social values and communities, with more people supporting each other.
  • Consumers are set to become increasingly resourceful as they look to resale as an additional way to raise funds and find unexpected value in their wardrobe.
  • Environmental concerns will further drive a more conscious approach to consumption, as 20% of consumers expect to reduce their clothing consumption following the crisis*.

Vestiaire Collective has seen deposits and orders quickly rebound to the pre-COVID 19 baseline or above. During this challenging period this clearly demonstrates customer demand for circular business models, both now and looking ahead to the future of the rapidly evolving retail landscape.  

Vestiaire Collective encourages a move away from throwaway fashion towards quality that lasts and holds value. We believe that today, our community of over 9 million fashion activists will be proud to lead by example and spread the word converting more consumers to the cause. Because in the end, it’s not the big, impressive statements that will make the most impact, but the meaningful change taken every day by individuals, no matter how small or large. We trust Vaultier7 as members and ambassadors of the Vestiaire Collective community to help us build on this momentum by expanding in the most thoughtful way. We are also excited by their extraordinary network which will  support us in further unlocking underutilized personal luxury goods to meet the demand of buyers globally.

This new round of funding will also allow for further acceleration of Vestiaire Collective international business beyond the countries where the company’s community is already well established. Currently, over 80% of the French headquartered company’s transactions are already generated cross-border.

Thanks to Korelya Capital, which is backed by Korean technology conglomerate Naver, Vestiaire Collective will jointly explore the expansion towards Japan, the biggest resale market in the world, and Korea in 2020 and beyond.

Finally, this round will help us continue to drive ambitious growth in the US market and further develop our successful Direct Shipping model. Launched in Europe in September 2019 the service is increasingly popular with a growing number of customers. Currently already over 50% of orders in the EU are fulfilled through the new service, which is also growing at a rate of +60% MoM. The model will be launched in the United States in early summer followed by Asia before the end of 2020.

Max Bittner, CEO of Vestiaire Collective - Investment Announcement
Max Bittner, CEO of Vestiaire Collective – Investment Announcement

Max Bittner, Vestiaire Collective’s CEO comments:

“I am personally convinced that this unprecedented period of disruption will not only challenge where we shop but how we shop. Vestiaire Collective was built during the 2008 crisis, and proves today how it can help people in their daily life to make the most out of their belongings, but also to access fashion in a sustainable and conscious way. Everyday, I feel proud and amazed by our global community of fashion activists who are leading the way towards a brighter future.”

Paul Degueuse, General Partner of Korelya Capital says,

“As we all take a step back and contemplate the way we live, we believe consumption patterns are on the verge of a deep structural evolution, and C2C platforms have a strong role to play here. We see in Vestiaire Collective an emerging leader and catalyst of this upcoming disruption. We are extremely enthusiastic to support Vestiaire Collective and its founders in its expansion. There are tremendous opportunities for growth in Asia, and we look forward to helping the company accelerate its expansion in this part of the globe.”

Vaultier7 comments:

“Vestiaire Collective has transformed the way people consume desirable and luxury fashion with its trusted and inspirational resale model and we are truly proud to be there at this time to support them in their mission, and support buyers and sellers across the globe on their path to cautious, minded consumption, values which are more important than ever and which are at the core of Vaultier7.”

Frank Boehly, Président of SIC SA investor Cuir Invest, says,

“Cuir Invest is happy to support Vestiaire Collective, as it is a company with an impressive management team, and huge growth potential. We have been impressed by the technological quality of the solution, by the quality and the dynamism of the management team, and by their intelligent and sustainable approach to fashion. We truly believe that Vestiaire Collective can become the world leader in their sector.”

NOTES TO EDITORS:
*McKinsey Covid-19 response in Apparel and fashion study 

About

About Vestiairecollective.com Vestiaire Collective is the leading global platform for desirable pre-owned fashion. Curated by its trusted community of fashion lovers, members inspire one another whilst selling and buying unique pieces from each other’s wardrobes. Encouraging consumers to join the circular economy as a sustainable alternative to throw-away fashion, the platform is unique due to its highly engaged community, its rare desirable inventory and its authenticity and quality control process. Launched in Paris in October 2009, Vestiairecollective.com has over 9 million members across 90 countries worldwide with offices in Paris, London, New York, Milan, Berlin and Hong Kong. Over 60,000 new items are submitted by its community of sellers every week, which enables buyers to search amongst highly coveted and sold out fashion pieces whilst participating in the circular fashion movement. @vestiaireco

ABOUT VAULTIER7

Founded by experienced dealmakers Montse Suarez and Anna Sweeting, and backed by elite investors, Vaultier7 is the UK’s first specialist investment fund dedicated to partnering high growth category creators and disrupters in the converging sectors of Beauty & Personal Care, Health & Wellness and Lifestyle.

Vestiaire Collective - Investment Announcement
Vestiaire Collective – Investment Announcement

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PR Newswire

Italian Chamber of Commerce Rolls out New Initiatives to Battle COVID-19

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SINGAPORE, April 21, 2020 /PRNewswire/ — In light of the COVID-19 pandemic bringing about an unprecedented impact on businesses and workers around the world, companies need to adapt faster than ever before by showing how business can be done differently.

With a mission to foster and strengthen bilateral business, economic, commercial and industrial relations between Italy and Singapore, the Italian Chamber of Commerce (ICCS), a non-profit association, has unveiled the necessary measures implemented in accordance with guidance on social distancing during these trying times.

The series of initiatives for its Italian members kicks off with an e-commerce strategy, with ICCS engaging the help of online stores such as Shopee, Lazada and RedMart. Through these partnerships, Italian companies protected under the ICCS umbrella are able to sustain brand presence in the respective markets, with the ability to reach out to consumers through virtual experiences.

Amplifying on the efforts to transform to a digital workspace, ICCS has increased its digitised offerings, with Webinars in place of events. The Webinars is scheduled to take place in the Asian afternoon time, in order to allow participation from a European audience.

“As a result of the lockdown measures, we have seen a clear increase in interest and demand for information and training from Italy,” comments Alberto Maria Martinelli, President of ICCS.

With determination to make a difference on ground, ICCS takes a step further to support the Italian Civil Protection Agency by granting further economic assistance to battle the crisis in Italy. Through this meaningful initiative, the ICCS Management and their Board Members have collectively contributed on behalf of the Chambers.

Building on these humanitarian efforts, ICCS announced that they have engaged a reliable and efficient channel to purchase sanitary products, to be sent to Italy to provide urgent help for emergency services and caregivers, to strengthen healthcare systems.

“We will continue to show ongoing support of the Italian business community in Singapore and in Italy with the launch of our e-commerce and business-to-consumer projects, focused on expansion in the Asian region,” Mr. Martinelli signs off with these words to reassure the community.

To find out more about Italian Chamber of Commerce, please visit: http://www.italchamber.org.sg

About Italian Chamber of Commerce (ICCS)

The Italian Chamber of Commerce is a non-profit association recognized by the Italian Government and member of Assocamerestero, apex body of over 70 Italian Chambers abroad. The Chamber aims to strengthen bilateral relations between Italy and Singapore in collaboration with strategic partners from the two Countries.

The Italian Chamber of Commerce in Singapore is geared to provide a wide range of business services tailored to the requirements of its members, as well as Italian and Singaporean companies. Thanks to strategic partnerships with Institutions, Chambers of Commerce and Agencies in the ASEAN region, the Chamber is a springboard for business in South-East Asia beyond Singapore.

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PR Newswire

Really Simple Systems Launches New Marketing Module to Beta

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PETERSFIELD, England, April 21, 2020 /PRNewswire/ — Leading cloud CRM vendor, Really Simple Systems, has today announced the release of a new version of its marketing module for beta testing.

Established in 2006, the popular cloud CRM software developer and vendor has launched its new integrated marketing software on beta. Testers have been recruited from the company’s own customer base to carry out this first stage of user acceptance testing.

The new marketing module will replace the company’s current integrated app, bringing additional functionality and features, along with a simpler campaign processing tool.

Really Simple Systems’ founder and CEO, John Paterson, explained: “Small and mid-sized business today are looking for greater functionality in their marketing software but also need it to be integrated with their CRM system and to successfully run it without the support of a large team of IT professionals. We’ve developed our new marketing module to be intuitive and easy to use but with all the features you’d expect from a stand-alone system. Reaching the point of launching this software for beta testing is a big milestone and we look forward to moving to general release shortly.”

The Really Simple Systems new marketing module includes a redesigned email editor to create professional looking emails, a new ‘simple campaign’ tool to quickly create and send email campaigns, and a new contact segmentation process, allowing the generation of both static and dynamically populated contact lists. The module will be available in two price packages, with the standard system available for up to 5,000 emails per month and the advanced functionality for up to 50,000 emails per month.

Product Development Manager, Simon Ridley, added: “The beta testing phase is extremely important to us and we are thankful to our volunteer testers for their time. Getting their feedback allows us to see how the software meets a wide range of real-world scenarios and helps us fine tune the app.”

The new marketing software is scheduled for general release during summer 2020.

About Really Simple Systems

Established in 2006, Really Simple Systems is one of the world’s largest providers of cloud-based CRM software. Designed for small and mid-sized businesses operating B2B, its customers range from single user start-ups to 200 user systems, including the Red Cross, the Royal Academy of Arts, the British Museum and NHS. Featuring integrated modules for email marketing and customer service, Really Simple Systems CRM is credited as being super-easy to use with excellent customer support.

PR Newswire

CreditEase Fund of Funds Profiled in London Business School Case Study

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LONDON, April 20, 2020 /PRNewswire/ — CreditEase’s support on investors’ asset allocation with a Fund of Funds (FoF) has been officially introduced to the masterclass in private equity at the London Business School (LBS), making it the first Chinese FinTech company selected as an LBS case study.

“We picked CreditEase FoF not only because it represents Chinese exploration on FinTech, but also because it is worth attention and research of private equity professionals around the world,” said Professor Florin Vasvari, the program leader and instructor, who spent nearly one year on developing the course and interviewing the core team of CreditEase Private Equity FoF. Prof. Vasvari is the co-author of Private Capital, a highly acclaimed book endorsed by leading figures in the private equity industry.

Since its establishment in 2013, CreditEase FoF’s globalized team has managed assets over 25 billion yuan, a leading player among domestic market-oriented FoFs. It has invested in more than 200 funds and indirectly invested in more than 4,000 high-growth enterprises covering TMT, health care, consumption upgrading, energy and environmental protection and other emerging industries. By far among the companies CreditEase FoF has invested, more than 100 went public or listed on National Equities Exchange and Quotations.

The outperformance of CreditEase FoF is not only owing to the investment strategy that evaluates both sustainability and stability of funds, but also based on real-time analysis generated by an AI platform with processing capacity of 10 million data items per second, enabled by cloud computing, big data and self-developed AI algorithm. The AI system tracks 20,000 investment firms, 30,000 funds and over one million financing enterprises, screens target funds with the highest investment value and makes dynamic adjustments.

“CreditEase FoF is a pioneer and practitioner of financial and technology innovation in China. It is of great research value to the global wealth management industry,” said Dickie Liang-Hong Ke, Sloan Fellow at London Business School and a well-known innovation and entrepreneurship expert. Mr. Ke has been paying a lot of attention to the development of Fintech innovation in China for many years. He began to communicate with CreditEase two years ago, and initiated the interviews and kicked off the case study with Professor Florin Vasvari.

Tang Ning, CreditEase Founder and CEO, highlights the rising role of FoF in wealth management and asset allocation that drives capital market positively and serves real economy, particularly new economy. “Market-oriented FoFs effectively connect social capital with the needs for scientific and technological innovation, providing long-term, patient and humane funding support,” said Tang.

“A key contribution of FoF to the Chinese financial industry and the society is to perfectly match the enormous wealth created by traditional economy over the past 40 years, thanks to the reform and opening up, with the capital required by new economy to boost scientific and technological innovation for the next 40 years,” said Tang.

“This is what a wealth management company can serve the society, and also what a FoF can do for the future of China. I think it’s revolutionary,” added Tang.

About CreditEase

Founded in 2006, CreditEase is a world-leading FinTech conglomerate in China. It specializes in inclusive finance and wealth management with a dominant position in credit technology, wealth management technology, insurance technology, etc. The main business sectors of CreditEase include Yiren Digital, CreditEase Wealth Management and CreditEase Insurance. Better tech, better finance, better world.

About London Business School

London Business School’s vision is to have a profound impact on the way the world does business. The School is consistently ranked in the global top 10 for its programmes and is widely acknowledged as a centre for outstanding research. As well as its top-ranked full-time MBA, the School offers degree and award-winning executive education programmes to executives from around the world. With a presence in four international cities – London, New York, Hong Kong and Dubai – the School is well-positioned to equip students from more than 130 countries with the tools needed to operate in today’s business environment. The School has more than 44,000 alumni, from over 150 countries, which provide a wealth of knowledge, business experience, and worldwide networking opportunities. London Business School’s 157 academics come from more than 30 countries and cover seven subject areas: accounting; economics; finance; management science and operations; marketing; organisational behaviour; and strategy and entrepreneurship.

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PR Newswire

Linkage Pay Brings Disruption Changes to the Payment Status Quo

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SINGAPORE, April 18, 2020 /PRNewswire/ — With the development of fintech breakthroughs such as blockchain, big data, cloud computing, and artificial intelligence, the financial sector has witnessed unprecedented paradigm shifts in the past decade. The ever-shifting digital landscape opens possibilities of new business models and consumer behaviours. The acceptive attitude towards novel concepts accelerates the gradual implementation of nascent technologies in traditional sectors. Linkage Pay emerges as a timely response to the shifting landscape of the payment industry and sets out to bring about disruptive changes to the payment industry.

Linkage Pay
Linkage Pay

What is Linkage Pay?

Linkage Pay is committed to the improvement of global payment solutions. By moving the bulk of offline trading services online, Linkage Pay will revolutionize the payment process and empower users to manage their assets more efficiently. These services include transactions, exchange, trading, clearing and settlement, and payment services. The integration of transaction channels and customer-oriented services will afford clients a one-stop experience that is not only convenient but also highly secure. Linkage Pay boasts four key competitive advantages that set it apart from mainstream online payment platforms. These competitive advantages are innovative payment, rapid settlement, integrated payment, and smart business.    

Linkage Pay’s Business Model

1. Integrated Payment

The traditional payment system is cumbered with layers of red tape, resulting in low efficiency and high processing fee. On top of that, the traditional system relies heavily on third or even fourth-party platforms. The dependence on external factors renders the system more vulnerable to inconsistency, unexpected account closure, among other potential risks. Leveraging blockchain technology, Linkage Pay makes rapid peer-to-peer payment a reality, by offering the most straightforward solution to issues such as complex processes and high exchange rates.    

2. Financial Settlement

Linkage Pay’s payment system mobilizes innovative payment technology to circumvent information monitoring and high gas fees incurred from the over reliance on third-party platforms. Linkage Pay, in collaboration with Alipay and WeChat Pay, aims to minimize redundancy during the payment processes and cut operating costs by 30 to 50 percent.   

3. Investment and Asset Management  

Linkage Pay utilizes a portion of the savings to maintain liquidity. The fund will be used to invest in sound and low-risk financial products during the capital accumulation phase to generate multiple returns for the clients. 

4. Technical Competitiveness

Linkage Pay incorporates automatic confirmation of Alipay and WeChat Pay barcode in the payment system. A single transaction of US$100 – $50,000 typically generate a return rate of 0.5% to 1%. These transactions can be repeated multiple times in a same day until the platform quota is met.   

About the Team

Linkage Pay boasts a team of sophisticated industry professionals from diverse backgrounds. Its co-founder, Jimmy Li, takes on multiple managerial roles in tech startups, including AVG Group and Influence Chain. Graduated with a master’s degree in Supply Chain Management from a prestigious university, Jimmy has established himself as a top-tier supply chain analyst, before venturing into the world of entrepreneurship. In 2013, he founded Ads Venture Group (AVG), which has since become the largest Chinese digital media company in Southeast Asia, with branch offices operating in 7 countries and providing services to industry giants, including Baidu, Alibaba, and Tencent. In 2016, Jimmy challenged the status quo of the payment industry by establishing AIC Fintech, a firm committed to providing digital payment solutions powered by blockchain technology. In a short span of five years, Jimmy has attained several prominent awards under his belt, including being accorded the honour of Young Eminent Overseas Chinese. He has been named as an adjunct professor at the MBA centre of Shanghai University in recognition of his extensive contributions to the university and the industry.

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PR Newswire

Launch Ceremony of “Yiwugo Live Streaming” & Debut of Yiwugo Top Landladies

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YIWU, China, April 17, 2020 /PRNewswire/ — Yiwugo.com, the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world, held the “Launch Ceremony of Yiwugo Live Streaming & Debut of Yiwugo Top Landladies” at 2:00 pm, April 15, 2020. Ten landladies who had received the title of “Yiwugo Top Landladies” participated in the event and made their debut on the “Yiwugo Live Streaming” platform to recommend products for the audience.

The “2020 Yiwugo Top Landladies”, including Ye Yili from Shifeng Socks Firm; Long Dongzhao from Bacai Toys Firm; Fu Jiangyan from Zhangweichao Socks Firm; Deng Tingting from Nantong Ennas Home Textile Co., Ltd.; Zhang Jiying from Zhejiang Xingbao Umbrella Co., LTD; Li Jun from Yiwu Zongxin Shoes Co., LTD; Fang Hongying from Hongying Magnet; Shi Guangxu from Brilliant Diamond Painting DIY; Zhu Jingwen from Yiwu Chunchao Hatting Factory; and Zhang Limin from Yiwu Weigang Hardware Firm, not only brought the most recommendable flagship products of their stores, but also launched attractive promotional schemes for this live streaming show. Besides, Yiwugo invited Song Yu, the top host in Yiwu to moderate this live streaming show, and Mr. Wang Jianjun, CEO of Yiwugo, also participated to cheer for the landladies. The products introduced by the landladies during the live streaming show preceded waves of purchase orders.

Different from other streaming platforms that depend on “Internet celebrity” to bring traffic and orders, the “Yiwugo Live Streaming” platform featured the business owners who have great insights into the product features, production process and market advantages to recommend the products in person. As the purchase requirements of wholesale buyers are highly rational and professional, they require more specialized product introductions. As business owners know best about their own products, they may present professional product introductions through live streaming and directly address the concerns of the buyers, thus significantly increasing the deal-closing ratio and meeting the particular conditions of the Yiwu market.

2020 - Yiwugo Top Landladies
2020 – Yiwugo Top Landladies

Besides, the “Yiwugo Live Streaming” platform, which is “grafted” onto the Yiwugo APP, also features a matching intelligent recommendation system. During the live streaming process, the system will automatically match and recommend live streaming businesses for interested buyers who have logged on Yiwugo according to their previous research and purchase data. Once the user followed a certain business, it will also receive live streaming recommendations from the business. As more functions are added to the “Yiwugo Live Streaming” platform in the future, Yiwugo will not only help buyers to easily locate their desired goods, but also contribute to closing more deals.

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