Open for Vintage

Idea

Introduction

The Open for Vintage (OFV) mission is to accelerate the movement towards a sustainable fashion future.

Our custom built automated solution consolidates more than £50m of authenticated, luxury vintage handbags, jewellery, watches and accessories from designers like Chanel, Hermes, LV, Fendi and Dior.

To access the highest quality merchandise in the market and ensure customer trust, we exclusively source goods from independent specialist boutiques who inspect and authenticate every item.

By sourcing exclusively from pre-owned luxury specialists, Open for Vintage both supports independent businesses and encourages customers to shop sustainably.

The growing pre-owned sector has seen many recent success stories, such as the acquisition of Depop by Etsy and the successful IPO of The Real Real.

Our capital light business model sets us apart. Unlike competitors who use the 'peer-to-peer' business model, we sell direct from expert boutiques removing the need for large authentication teams and warehousing.

With our technically advanced platform developed, one of the largest supplies of pre-owned luxury merchandise of any website, OFV is ready to grow community and revenue ahead of a planned Series A funding round in 12 months.

Substantial accomplishments to date

We have assembled a highly experienced team supported by industry leading advisors who have collective knowledge across technology and ecommerce from global companies such as Farfetch, Paypal, H&M and Facebook.

This team is committed to growing a community-centric, sustainable platform which aims to disrupt the pre-owned luxury goods market through a streamlined customer experience and the finest vintage merchandise.

Over the past year, we have seen incredible community growth, demonstrating the significant appetite for OFV’s retail proposition.

Our global boutique network has also grown, with new partners joining from Canada, France and Singapore. The business now synchronises more than £50m of merchandise with a team of less than 10 employees and no warehouse infrastructure.

OFV is now one of the largest platforms for pre-owned luxury accessories worldwide.

As Open for Vintage gains market share, international press have reported on the business and it’s compelling proposition, including Vogue, The Times, Drapers, The Independent and Marie Claire, further cementing our position as a key player in the resale sector.

Monetisation strategy

• Open for Vintage primarily earns commission from boutiques for each product sold. Additionally, as supply has grown, auction houses have requested to list Open for Vintage merchandise, opening up an additional sales channel.

• With customers in more than 60 countries and boutiques in 14, OFV has developed a customs inclusive pricing engine removing the barrier of customs and delivery fees. Customers benefit from a ‘price you see is all you pay’ model, regardless of where they or the item they are buying is located. This solution is key to allowing OFV to scale internationally.

• In 2021 OFV launched repair and restoration services for pre-loved handbags, their bestselling category. This gives customers another way to extend the lifespan of their handbags, whilst providing an additional revenue stream to OFV.

• Asia also presents a significant opportunity. Both the Open for Vintage team and major shareholders have extensive experience of the retail market in China and other Asian markets.

Use of proceeds

OFV has ambitious plans to accelerate marketing activity, utilising this round of investment to grow GMV in advance of a planned Series A round in 2022.

The primary use of funds will fuel marketing to grow the Open for Vintage community globally, with an initial focus on the UK and US markets.

Marketing is led by Sophia Evgeniou who previously ran digital marketing at Charlotte Tilbury. Performance and activity will be continually assessed and adjusted with the support of our Advisory Board which includes former Facebook and Paypal executives.

Our marketing strategy aims to build a balance between organic and paid channels. Activity and content is planned for each customer cohort across channels eg. Influencer engagement on Instagram targeting Gen Z shoppers.

This investment will also fund expansion of the internal team, including the hire of a Finance Director and Website Manager.

Open For Vintage is a mission driven business accelerating the movement to a sustainable fashion future and disrupting the pre-owned luxury market. With a growing community, we are ready to rapidly scale. Join us on the journey.