After investment drive, Open For Vintage raises €1.25m
Pre-loved designer goods etailer Open For Vintage is set to grow with new backing supporting its bid to take advantage of a booming resale market.
Having avoided a ‘growth at all costs’ philosophy, the retailer has raised €1.25 million (£1.13 million) from angel investors and via a crowdfunding campaign to support a number of strategic hires and a revamping of its website. The fundraising is part of a planned €10 million (£8.9 million) raise to finance further expansion.
David Geraghty, a former Meta Platforms Ireland board member and investor, is joining as a consultant while Laura Fletcher, the former head of global communications at luxury brands Olivia von Halle and Victoria Beckham, has been appointed brand director.
Founded by Colin Saunders and James Loftus in 2016, Open for Vintage has offices in Dublin and London, selling pre-owned luxury fashion items, including jewellery, handbags, clothes and watches from brands such as Louis Vuitton, Gucci, Hermes, Dior and Chanel.
The company currently offers more than 30,000 products from 70 boutique partners in 14 countries. It also provides a “customs inclusive” pricing model to help avoid uncertainty with total costs calculated at the point of purchase.
Citing a resale market currently growing 11 times faster than traditional retail, Saunders said that despite market concerns related to inflation, cost-of-living concerns and the war in Ukraine, the luxury industry continues to grow.
Brands such as Chanel and Hermes have raised prices multiple times over the past two years, in a move that has led to bigger profits, he said, also citing figures from ResearchandMarkets.com that shows the market for second-hand resale items is set to hit $51 billion in 2026, up from $32 billion in 2021.
Saunders said the firm had been more focused on ensuring its tech was scalable and that it had suitable partners onboard than on winning customers. However, Saunders said website traffic was up 22% last year and the average order value increased 32% in the year to date to €1,113 (£978).
“By focusing on technology and trusted supply early on, Open for Vintage is now poised to rapidly grow globally,” Geraghty said. “Building trust and breaking down customs barriers also opens luxury resale to many customers for the first time which is positive for sustainability and the environment," he added.
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