By Giulia Petroni
French luxury-goods conglomerate Kering has invested in online reseller Vestiaire Collective in order to embrace new market trends and sustainable practices.
The Paris-based startup said Monday that it has completed a 178 million-euro ($214.9 million) financing round backed by Kering and investment firm Tiger Global Management.
As part of the round, Kering has acquired a stake of around 5% in the reseller.
"Pre-owned luxury is now a real and deeply rooted trend, especially among younger customers," Kering's Chief Executive Officer Francois-Henri Pinault said.
Goldman Sachs Group Inc. served as strategic advisor and private placement agent of Vestiaire Collective for the financing round.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
03-01-21 1236ET