Vestiaire Collective announced a €178 million funding round backed by Kering and Tiger Global Management.

Vestiaire Collective, a Paris, France-based operator of a marketplace used for commerce with desirable second-hand fashion, announced the completion of a new €178 million ($214M) financing round.

The money was raised from the French luxury group Kering and US investment firm Tiger Global Management. Existing shareholders including Vestiaire Collective’s CEO, Max Bittner, Bpifrance (Large Venture), Condé Nast, the Eurazeo Group (Eurazeo Growth and Idinvest Venture), certain funds managed by Fidelity International, Korelya Capital, Luxury Tech Fund (LTF & Cuir Invest) and Vitruvian Partners also reinvest.

The company said that the deal valuation reached $1 billion.

Vestiaire Collective will use this financing round to scale up its technology and data innovation roadmap, accelerating its circularity vision along with initiating strategic change in the fashion industry.

Vestiaire Collective, founded in 2009 and led by CEO Maximilian Bittner and Christian Jorge, developed a platform for desirable pre-loved fashion, promoting the circular fashion movement as an alternative to overproduction and overconsumption and the wasteful practices of the fashion industry. The company also provides its ‘fashion activist’ community with inspiration, tools and features for an inventory of 3 million items that includes 140,000 new listings every week. Vestiaire Collective has offices in Paris, New York, Hong Kong, Singapore and a tech hub in Berlin.