On average, a dress on The Volte is rented out nine times, while highly sought-after pieces often receive hundreds of requests. Lenders are reaping substantial rewards, with many earning over $100,000 annually from renting out their designer collections.
(MC MosnarCommunications.com Luxury Press Release) – The Volte, a premier platform for sharing luxury dresses, has successfully concluded its Series A capital raise, with eBay Ventures, the venture capital investment arm of eBay Inc., leading the investment round.
The investment paves the way for a strategic commercial partnership between the two companies, capitalizing on eBay’s unwavering commitment to recommerce. The collaboration aims to deliver substantial benefits to sellers, buyers, and renowned fashion brands alike.
Bernadette Olivier, CEO and co-founder of The Volte emphasizes that this investment highlights the global shift among consumers toward sustainable fashion choices. “To create a truly sustainable fashion industry, it is essential to extend the lifespan of well-crafted, high-quality garments. Our partnership with eBay will reinforce The Volte’s mission to promote the circular fashion economy in Australia. We have already initiated multiple joint ventures with eBay Australia, which will significantly reduce fashion waste,” states Olivier.
Brooke Eichhorn, Head of Fashion at eBay Australia, echoes the sentiment, saying, “eBay has consistently championed the recommerce of fashion, with millions of pre-loved fashion items listed for sale on eBay.com.au in previous years. This collaboration with The Volte empowers us to redefine the essence of buying, selling, and cherishing fashion. Through innovative concepts like ‘buy now, earn now, sell later,’ we are setting a new standard for accessibility, transparency, and sustainability, propelling fashion to new horizons.”
The Volte, renowned for its unique model that allows individuals to monetize their designer wardrobes without maintaining any inventory, has gained immense popularity. It has swiftly risen to become one of the world’s largest designer rental marketplaces. In 2023 alone, monthly bookings have doubled, with over 70,000 dresses available on the platform and a vibrant community of 300,000 active users.
“Our primary focus is to inspire and enable people to invest in superior-quality clothing, moving away from the inherently flawed fast-fashion paradigm,” explains Olivier. “This endeavor holds the potential to disrupt the $420 billion fast fashion industry, encouraging consumers to view fashion as a lasting investment rather than a disposable commodity.”
The Series A investment round, oversubscribed at approximately $4 million AUD, also saw participation from BetterLabs, a prominent venture capital firm. The addition of Kellie Hush, a fashion powerhouse, as Creative Director in 2022 further strengthened The Volte’s position in the industry.
In a groundbreaking development last year, The Volte announced a pioneering direct integration with retailers and designers, enabling users to instantly list newly purchased items for rental. This integration also allows designers to earn royalties whenever their items are rented or resold.
According to the Australian Fashion Council’s 2023 Clothing Data Report, Australia stands as the second-largest consumer of fast fashion, following the United States. Shockingly, the report reveals that on average, every Australian purchases 56 clothing items per year, resulting in over 200,000 tonnes of clothing being sent to Australian landfills.