A responsible payment solution for responsible shoppers
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Vestiaire Collective is the leading global platform for desirable pre-loved fashion. It is dedicated to transforming the fashion industry for a more sustainable future by promoting the circular fashion movement as an alternative to overproduction and overconsumption and the wasteful practices of the fashion industry.
Inspired by the “Long Live Fashion” philosophy, it provides its community – those who live for fashion and take care of it for life – with inspiration, tools and features to lead the change as they sell and buy unique pre-loved pieces from each other’s wardrobes. And that’s where Splitit comes in.
“We can propose Splitit for high-value items, where we could not with other buy now, pay later solutions”
Vestiaire Collective’s approach differs from luxury retailers in that it believes in making designer labels available to a wider audience and promoting a fashion culture that celebrates circularity.
It’s kicking down the doors of high fashion exclusivity – and Splitit’s buy now, pay later platform supports this mindset.
Pedro Bennasar, Head of Payments at Vestiaire Collective says: “We really want to make circularity available to everybody. And we want to look at circularity as a new way of living. Therefore, having buy now, pay later solutions definitely helps us spread the word and makes these items available to as many people as we can, which is completely different from the strategy of other luxury retailers.”
Vestiaire Collective began by offering Splitit’s installment payment to customers in the UK. After seeing success, Splitit expanded into Southern European, American and Asian markets. The demand and interest from customers quickly became evident. And therefore, Splitit now supports Vestiaire Collective across the globe, in 15 countries and counting.
Vestiaire Collective caters to diverse shoppers, from people drawn to high-value luxury products to customers who identify with sustainable fashion and shopping with circularity in mind.
Splitit is an option for shoppers across this spectrum. It’s a way for responsible consumers to practice responsible spending and those who want to incorporate luxury into their lifestyle responsibly. Individuals can purchase the products they desire within the flexibility of a buy now, pay later payment plan, based on the limits their credit card issuer has already approved.
“We can propose Splitit for high-value items, where we could not with other buy now, pay later solutions because they have a purchase limit. And this is a benefit we want to keep exploring,” Pedro says.
As well as aligning with this high-value target customer, Splitit’s Installments as a Service allows Vestiaire Collective to embed a universally accepted BNPL option into its existing checkout flow in a way that makes sense with its existing brand strategy. It can customize the way it speaks to its audience about payment options without diluting or distracting from its values of circularity and sustainability.
Splitit doesn’t just offer flexibility to Vestiaire Collective’s customers – the simple setup and easy integration help support the brand’s goals for global growth.
As it expands out of Europe and the US, Vestiaire Collective is looking to strengthen its presence in the Asian market. Pedro says a significant aspect of this strategy is understanding the shopping behavior and expectations of this new customer base – and, as it turns out, buy now, pay later is a big part of that.
Vestiaire Collective is exploring new markets and opportunities, but Pedro says they’re looking to leverage what they have in their existing ecosystem when it comes to payment solutions. Splitit’s plug-and-play model has shone through during this expansion project.
“It’s really nice because it’s just a matter of enabling the currency and the country, and that’s it because the rest is done,” Pedro adds. “So it’s very easy, and it helps us expand to where we want to be because Splitit doesn’t have the kind of financial restrictions that other payment providers have. Going with this solution in new markets is bringing value.”
Splitit supports flexibility, growth, and customization for Vestiaire Collective’s customer journey and business strategy. It’s a partnership that aligns with fundamental brand values and goals for the future. While there’s no such thing as a one-size-fits-all payment solution, Splitit looks undeniably chic on Vestiaire Collective.