Drake Star Amsterdam advises United Wardrobe on its sale to Vinted
Second-hand Fashion Marketplace
Amsterdam, Vilnius (October 27th, 2020) – Vinted, Europe’s largest online C2C marketplace dedicated to second-hand fashion, announced today the acquisition of United Wardrobe, the largest second-hand fashion platform in the Netherlands. United Wardrobe, founded by 3 Dutch students from the Wageningen University in 2014, has expanded from its base in the Netherlands to operate across Belgium, France, and Germany. Its member base has grown rapidly to over 4 million registered users in 5 years.
Drake Star Partners acted as the exclusive financial advisor to the shareholders of United Wardrobe on this cross-border transaction in second-hand fashion. The transaction will enable the combined group to accelerate its rapid expansion to new markets and extend its international footprint. With a combined member base of 34 million buyers and sellers across 11 countries in Europe, Vinted and United Wardrobe share a vision to make second-hand fashion the first choice worldwide by encouraging the growth of responsible fashion and the circular economy.
“We have known the United Wardrobe team for some time and have huge respect for their impressive growth trajectory, their passion and entrepreneurial spirit. We share the same ethos and mission: to make second-hand fashion the first choice worldwide”, said Thomas Plantenga, CEO of Vinted. “Together, Vinted and United Wardrobe can scale faster – doubling our rate of expansion to new markets - and deliver a truly unique product to our community of members across Europe. The Netherlands boasts a strong and active community of second-hand fashion lovers – and we’re thrilled to be able to strengthen our presence in this market.”
Sjuul Berden, CEO of United Wardrobe, said: “It’s always been our goal to connect our buyers and sellers on one central European marketplace. As of today, United Wardrobe users will be able to transact with the international community of Vinted, and share pre-loved fashion from Amsterdam to Paris, and from Madrid to Utrecht – all with no seller fees, with secure payments and simple cross-border shipping. We’re in the midst of a global ecommerce boom and fashion resale is benefitting from that. Joining together with Vinted will enable us to make the most of this opportunity and, together, help accelerate the global movement towards a more sustainable fashion industry.”
“Another deal with winners only,” said Frank Verbeek; Managing Partner at Drake Star. Frank Verbeek continues: “this transaction brings together two second-hand fashion marketplaces that share similar values, missions and have highly complementary assets – a unique combination to fight fast fashion. To win that fight, you need size, power, and great teams. This combination will have a lasting impact and contribute to a more sustainable world.”
For Drake Star Partners this marks yet another successful transaction in the ever-growing marketplaces vertical. Understanding of the latest marketplace trends, including the increasing importance of the underlying financial and operational metrics, is key to contribute to the success of high-growth technology marketplaces. We are ready to leverage our unique marketplace knowledge and track-record to support likeminded entrepreneurs aiming for a winning position.
Drake Star Partners team: Frank Verbeek, Manus Weber, Marlon Brand
For further enquiries, please contact Manus Weber or Marlon Brand:
Vinted is the largest online international C2C marketplace in Europe dedicated to second-hand fashion, with a growing member base of 30 million users spanning 12 markets: France, Germany, Belgium, Spain, the Netherlands, Austria, Poland, Czech Republic, Lithuania, Luxembourg, UK and the USA. Founded in 2008 in Lithuania by Milda Mitkute and Justas Janauskas, and joined by first investor and COO Mantas Mikuckas in 2011, the company is now led by CEO Thomas Plantenga and backed by five leading venture capital firms: Lightspeed Venture Partners, Accel, Insight Venture Partners, Burda Principal Investments, and Sprints Capital. On a mission to make second-hand the first choice worldwide, Vinted helps members sell and buy second-hand clothes and accessories from each other, making shopping a mobile and social experience through one-on-one member interactions in its community. The European start-up is head-quartered in Vilnius, with offices in Berlin and Prague, and has over 500 employees. For more information, please visit www.vinted.com
About United Wardrobe
United Wardrobe is the number one marketplace for buying and selling second-hand fashion in the Netherlands. The company was founded in 2014 by CEO Sjuul Berden, after he saw his three younger sisters struggle with overflowing wardrobes. Together with Thijs Verheul & Thijs Slijkhuis, Berden dropped out of university to set out on a mission to make second-hand the norm. By focusing on fashionable content, a social experience and making buying and selling frictionless, the company rapidly grew to over 4 million registered users in 5 years. United Wardrobe is backed by several angel investors and early stage venture capital firm Peak Capital. The company is currently led by Sjuul Berden (CEO), Maud Behaghel (COO) and Thijs Slijkhuis (CTO), and headquartered in Utrecht, the Netherlands For more information visit www.unitedwardrobe.com
About Drake Star Partners
Drake Star Partners is a global investment banking firm serving the technology, media and communications sectors (TMC) with offices in New York, London, Paris, Munich, San Francisco, Los Angeles, Berlin, Amsterdam, and Geneva. The firm focuses on M&A and corporate finance for its clients worldwide. Drake Star Partners completed over 350 transactions since 2004, 70% of which are cross-border.
Drake Star Partners is the marketing name for the global investment bank Drake Star Partners Limited and its subsidiaries and affiliates. In the USA, all securities are transacted through Drake Star Securities LLC. In the USA, Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. © 2016 Drake Star Partners.