Open For Vintage launches investment drive, targets UK and US growth
Open for Vintage (OFV) is also open to new funding. The luxury pre-owned website has launched a £1.5 million capital raise, including a public crowdfunding campaign.
The injection of cash will help drive new consumers to the site in the UK and US markets via the expansion of marketing activity, it said.
Founded by entrepreneurs Colin Saunders and James Loftus in 2015, the business is aiming to raise an initial £400,000, while more than £350,000 has already been committed by existing investors.
Advisors and investors include current and former senior executives at Burberry, Farfetch, H&M and PayPal
OFV has reported rapid growth in parallel with the rise of sustainable shopping. It gives people access to more than £50 million of pre-owned designer handbags, jewellery, accessories and watches through its platform.
By connecting customers directly to independent boutiques, and not holding stock, OFV says it “operates a capital light model that sets the business apart from competitors”.
It recently launched a Repair & Restore service, allowing customers to book in handbag repairs directly via the website.
To support future innovation, OFV has added ex VP of Strategy & Innovation at Farfetch, David Grunwald, to the governance board.
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