UAE-based luxury retail conglomerate Chalhoub Group Ventures & Acquisitions has invested in Wethenew, a European platform for buying and selling limited-edition sneakers and streetwear.
This move underlines Chalhoub Group’s global investment strategy to support and drive innovation in leading businesses related to the luxury sector.
Investment manager at Chalhoub Group, Alex Garabedian, said: “At Chalhoub Group, we are always pushing to be on the forefront of change and resale has emerged as a robust segment in the sneaker and streetwear market.
“This has been driven by multiple factors including a younger and ever-growing base of sneaker enthusiasts and brands releasing more limited collections. This investment will strengthen our position in the region as the sneaker and streetwear resale market continues to grow with consumers looking to pick up the newest and most culturally relevant pieces.”
With the investment, Wethenew has established a key strategic partner to enable future expansion into the Middle East, an extremely promising market.
The French platform has raised €20 million in a Series B round from Chalhoub Ventures & Acquisitions, C4 Ventures and Singular.
The funding will support the company’s international expansion and growth.
Co-founder and co-CEO at Wethenew, Michael Holzmann, said: “We are excited to be partnering with the Chalhoub Group as a strategic and capital partner for Wethenew’s next chapter of growth.
“With deep expertise in the luxury retail sector and a strong presence in the Middle East, Chalhoub Group brings invaluable strategic support to our team as we look to expand our international footprint. We look forward to working closely together to make the entire sneaker and streetwear world available and accessible on a single platform.”
With a community of 1.5 million followers and its first physical retail stores launched in Galleries Lafayette, the brand seeks to become one of the top destinations for buying and selling sneakers and streetwear products in Europe and beyond.
In March, Chalhoub Group launched its own web 3-native sneaker brand SOL3MATES.
