Luxury vintage fashion re-commerce platform The Fifth Collection has secured $1.4 million (S$2 million) in seed funding from a cohort of investors from Asia and Europe.
The round was led by Florian Fenner, an emerging markets financier, and digital venture capitalist who solely focuses on Southeast Asia. Other investors who participated in the round include Chris Evdemon, partner at leading Chinese VC firm Sinovation Ventures, and Asian alternative investments pioneer Peter Douglas, and other private investors from Asia and Europe.
Launched in 2014 by husband-wife team Michael Finn and Nejla Matam-Finn, the Singapore-based startup has grown to become the top marketplace for luxury vintage fashion in Singapore. Its mission is to empower fashion lovers to enjoy greater style at outstanding value in an environmentally impactful way. Co-founder and Chief Operating Officer Michael Finn revealed the company’s plans to utilize the funds in an official statement saying,
The new funding will go to augment the current team of ten staffers, invest in operations, marketing and technology to accelerate sales and support our double digit monthly growth.
He believes this will further enhance the unique luxury customer experience and service which the portal is built on and has garnered the loyalty of their customers. Lead investor Florian Fenner commented,
Asia is both the biggest opportunity and biggest challenge for this fast-growing segment of the sharing economy. This team has a proven track record built on experience, discipline and execution.
The Fifth Collection offers a spectrum of over 500 high-end, luxury brands such as Alexander McQueen, Chanel, Hermes and Yves Saint Laurent to name a few. It counts a loyal and growing base of collectors who regularly sell or buy through the portal. It acts as a conduit between sellers and buyers; offering a value-added concierge service that includes authentication, quality checking, deluxe packaging, pricing recommendation, and returns handling.
All the collections available on its site are meticulously curated, earning the portal a reputation as the go-to destination for luxury vintage designer fashion and collectibles, drawing collectors from around the region. It enables sellers to continually and safely upcycle their entire luxury wardrobe, from shoes and bags to clothes and even jewellery, in a discreet and simple manner. Likewise, buyers can seek out unique pieces at superior value with confidence and trust. CEO and co-founder Nejla Matam-Finn said,
Our core value is authenticity, not only with regard to our products, but also in our promise to our customer, our people and every aspect of what we do. Customers in this region are among the most sophisticated in the world and they can feel it. This approach takes more time but we have been rewarded with 70 percent repeat customer sales and an average order value of over S$1,000 (US$750).
The startup was recently awarded the 2016 Best Singapore Digital Startup by Büro 24/7, a leading online style magazine. It prides itself on its highly personalized service, strong guarantees on its products and a breakthrough authentication technology that the firm funded and helped develop.