France-based Vestiaire Collective has raised $45.13m through a funding round, which will facilitate its plans to boost international growth and launch new technology solutions for the fashion industry.

The funding round was led by Bpifrance and Vestiaire Collective’s new CEO Max Bittner.

The company’s existing shareholders Eurazeo Growth, Vitruvian Partners, Idinvest Partners and Balderton Capital also participated in the funding round.

Vestiaire Collective CEO Max Bittner said: “I am personally very excited to scale the business and continue to revolutionize the fashion industry together with the co-founders Fanny Moizant and Sophie Hersan and the rest of the team.

“We want to build an international tech and data first company, leveraging Vestiaire Collective’s incredible brand and fashion DNA. We would like to thank Bpifrance and our existing shareholders for their amazing support.”

Vestiaire plans to soon launch innovative tech and data-driven solutions to empower its global community besides retailers and brands in order to drive adoption of sustainable and circular consumption.

Setup in 2009 and based in Paris, Vestiaire Collective is a global resale site for premium and luxury pre-owned fashion.

Proceeds from the latest funding round will fuel the company’s growth in Asian countries where Vestiaire Collective expects to see a 140% GMV growth in Q2 2019. The fresh capital injection will also enable the company to tap the growth momentum in its new markets such as Taiwan, Thailand, Indonesia, India, Malaysia, UAE, Saudi Arabia, Israel, Brazil, and Mexico.

Under Max Bittner, Vestiaire Collective recruited 120 people from more than 20 nationalities across six offices.

Bpifrance principal Charlotte Corbaz Bpifrance said: “Vestiaire Collective is uniquely positioned to thrive from the shift of consumer behavior towards a circular economy and digital. We are delighted to support Max and his team in the transformation of the fashion industry. We strongly believe its approach to combine tech and data to the fashion DNA of the company will allow them to become the worldwide leader in its market.”