Luxury fashion resale platform Vestiaire Collective has signed a €75 million revolving credit facility (RCF) with Crédit Agricole CIB, Société Générale, HSBC Continental Europe, Bank of America and Goldman Sachs. The facility has an initial term of three years, which can be extended by two years.
While Crédit Agricole CIB also acts as ESG coordinator, Société Générale has taken on the additional role of facility and security agent.
“This newly signed RCF confirms the company’s commitment to sustainability as it offers potential interest rebates depending on performance against key ESG targets, including greenhouse gas emissions reduction,” explains Vestiaire Collective in a press release.
The resale platform added that the facility gives it greater flexibility to further expand its business in Europe, the US and Asia-Pacific, particularly following its acquisition of California-based peer-to-peer womenswear resale marketplace Tradesy im April 2022 and commencing operations in South Korea in July 2022.
The overarching goal is to “accelerate the implementation of the mission to transform the fashion industry for a more sustainable future”. Vestiaire Collective made headlines a few weeks ago when it announced its decision to stop selling fast fashion items.