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

March 01, 2021 12:36 ET (17:36 GMT)

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