Max Bittner on the rise — and rise — of fashion resale

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 27 November 2021

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Vestiaire Collective is one of the leaders in the fast-growing fashion resale segment. Earlier this year, in its latest round of funding, the luxury resale platform achieved a valuation of $1.7 billion.

Max Bittner, Vestiaire Collective’s CEO, attributes this success to a number of factors, including ease of transactions, pandemic-driven closet clean-outs and shifting consumer values. But he also acknowledges the challenges that lie ahead as Vestiaire Collective scales, particularly when it comes to verifying the authenticity of products in the face of ever-more sophisticated counterfeits.

Bittner’s insights are featured in the fifth episode of The BoF Show, now streaming on Bloomberg Quicktake.

Here, we share the full interview with Bittner, exclusively on The BoF Podcast.

Watch the fifth episode of The BoF Show, “Resale: Inside the $130 Billion Secondhand Fashion Market”

Explore the new report from BoF Insights, “The Future of Fashion Resale” here.

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Transcript

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0:00.0	This B-O-F podcast is brought to you by Cottonworks, the free online resource for the textile and apparel industry.
0:06.6	Cottonworks gives you the tools and inspiration you need to create a market outstanding cotton products.
0:11.8	Create a free account today at Cottonworks.com. Sash B.O.F.
0:16.9	Hi, this is Imran Ahmed, founder and CEO of the Business of Fashion. Welcome to the Bof podcast. It's Friday, December 3rd. Vestior Collective is one of the leaders in the fast-growing fashion resale market. Earlier this year, in its latest round of funding, the company achieved a valuation of $1.7 billion. In the latest episode of the BOF show on the fashion resale market,
0:39.9	Max Bittner, Restor Collective CEO, attributes this success to a number of factors,
0:45.3	including the ease of transactions, pandemic-driven closet cleanouts, and shifting consumer values.
0:51.3	But he also acknowledges the challenges that lie ahead, particularly when
0:55.6	it comes to verifying the authenticity of products in the face of ever more sophisticated
1:00.9	counterfeits. To watch episode 5 of the BOF show on resale, please find the link in our episode
1:06.7	notes. But first, here's my full interview with Max Bittner exclusively on the B-O-F podcast.
1:12.6	I first want to just ask you in kind of very basic terms if you could explain what Vestier
1:19.1	Collective is and what the luxury resale market is. That's just, what is it?
1:24.6	I think the easiest way to explain to people what it is we do is we're connecting a global
1:30.3	community of fashion lovers and we try to find the right home for the right product at the
1:36.3	right time in the product's life cycle.
1:38.3	To simplify that a bit more, someone's trash is someone else's treasure.
1:42.3	So in an ideal world, we don't have any single
1:45.9	product lying in someone's wardrobe, unworn, unused, and we find somewhere globally a user who
1:51.8	has the same passion for that product as the old user had. And what we do as a platform is we
1:59.2	connect that community.
2:08.0	So we try to get as many sellers as possible to bring their unused wardrobe onto the internet, onto our app.
2:10.2	And then we try to find the right buyer to it.
	...

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