Luxury resale tech Open For Vintage raises 1.5 million euros

YarnsandFibers News Bureau 2022-10-03 07:01:34 – United Kingdom

Open for Vintage, a luxury resale technology company, has raised 1.25 million euros in growth capital to the 700,000 euros it had previously raised during a crowdfunding campaign that was launched in 2021.

The company, which has offices in Dublin and London, announced that it would invest the extra money in a number of strategic recruits for both of its sites.

It included the hiring of new brand director Laura Fletcher, who will start in September and was previously the head of communications at premium brands Olivia von Halle and Victoria Beckham.

The company revealed that it had expanded its boutique partner team in Ireland with two additional important recruits in order to increase supply.

Additionally, funds will be utilized to advance the business's technological capabilities, particularly its worldwide pricing engine, which enables clients to purchase in 14 different countries without paying additional customs or shipping fees.

David Geraghty, a former board member at Meta Platforms Ireland and a member of the angel investment group, believes that Open for Vintage is now well-positioned to expand quickly on a worldwide scale.

In a statement, Geraghty said that building trust and removing hurdles associated with customs also makes luxury resale more accessible to many people, which is good for sustainability and the environment.

He will work as a consultant and a member of the platform's leadership team to assist the business in carrying out its growth strategies.

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