Faume Raises $9.1 Million to Expand Fashion Resale Platform Across Europe
Faume has raised 8 million euros (about $9.1 million) to support the European expansion of its resale platform for premium and luxury fashion brands.
The platform currently supports 45 French brands and aims to support 150 brands across Europe within four years, starting with expansion in the U.K. and Italy, Faume said in a Thursday (April 10) press release.
Faume recently signed its first partnership in the U.K., with fashion house Victoria Beckham, and expects to add several heritage brands in Italy later this year, according to the release.
The company helps its existing clients sell in not only France but also Germany, the Netherlands, Belgium, Spain and Italy, per the release. Since its launch in 2020, the company has enabled the sale of 300,000 secondhand premium fashion pieces, 40% of which were sold outside France.
“At Faume, we show daily that resale is a lever for brand resilience — combining sustainability and profitability across the board,” Faume CEO Aymeric Déchin said in the release. “Our solution, already adopted by more than 45 leading brands, proves that building a resale model is not only possible and valuable, but also drives long-term performance.”
Faume enables premium brands to enter the second-hand market without compromising their image or losing their control over distribution, according to the release.
The platform allows them to launch resale channels under their own name and branding; deliver a premium customer experience; retain control over pricing, image and inventory; and embed this circular model into their own ecosystem, the release said.
With this solution, brands can launch their own branded resale channels in four to eight weeks, per the release.
One of the companies using the platform is fashion brand Soeur, which launched Soeur Second Hand in collaboration with Faume, according to the release.
“We’re pleased with the rollout and proud to offer a premium in-store take-back service,” Soeur Managing Director Freja Day said in the release. “Already available in 14 countries, it reflects our commitment to circular and conscious fashion.”
Fleek, a London-based secondhand clothing platform that connects wholesalers and retailers, raised $20.4 million in November to expand its offerings. Fleek works with 10,000 resellers and retailers in 70 countries and moves 2.5 million secondhand clothing items from 1,000 wholesale suppliers.
In September, fast-fashion brand Zara said it was bringing its secondhand clothing marketplace, Zara Pre-Owned, to the U.S. Zara introduced its Pre-Owned business in 2023, part of a wave of other retailers providing similar services amid pressures to improve their sustainability practices.
The post Faume Raises $9.1 Million to Expand Fashion Resale Platform Across Europe appeared first on PYMNTS.com.