Driven by an ambitious vision, the Wethenew brand is poised to consolidate its market dominance by announcing a new €20 million funding round.
with this b seriesThe company has a strong ambition: to become Europe’s leading destination for buying and selling Resale of athletic shoes Based on streetwear products. Lead this fundraiser C4 Venturesaccompanied by the company’s single historical investor, whose confidence is greatly renewed, as well Chalhoub Projects and Acquisitionsthe investment arm of the Chalhoub Group, and new entrepreneurs, including the French international footballer Antoine Griezmann. In just five years, Wethenew has established itself as the French leader in its market and its turnover exceeds 100 million euros in 2022. Its success is based on three pillars: a refined customer and seller experience, the development of innovative technologies and the creation of a state-of-the-art in-house supply chain. By capitalizing on these strengths, Wethenew sets itself apart Three main goals Expanding its offering to unlimited sneakers and streetwear products by tripling its references within 18 months, continuing its European expansion by aiming for 40% of its turnover overseas by 2026, perfecting its proprietary technology tools in order to offer the best maybe. experience to its customers and distributor partners.
Wethenew sets out to conquer the entire sneaker and streetwear market
Wethenew aims to exploit the global market potential of these products, which weighs more than 200 billion euros worldwide. With this strategic shift, Wethenew intends to significantly expand its catalog by tripling the number of references and welcoming more than ten new brands. The development of this offer is supported by the creation ofartificial intelligence allow toSource automation These products are offered at competitive prices. Thus, Wethenew is pursuing its core mission: to make the entire sneaker and streetwear world available on the same platform. As part of this expansion project, Wethenew aims to strengthen its presence in five high potential European markets: Germanythere BelgiumAnd SpainAnd Italy And Holland, the company has already multiplied its sales by five in the past year. By 2026, Wethenew plans to achieve 40% of its turnover overseas. To ensure a premium experience internationally, the company has recently developed websites dedicated to each market, allowing it to adapt its offer and content according to the country. At the same time, Wethenew continues to develop La Consigne, the warehousing solution for its distributor partners, in order to enrich the range of products delivered within 24 to 48 hours, in France and Europe.
This fundraiser marks a new chapter in Wethenew’s growth and aims to position the brand among the most promising and innovative technology companies on the French scene. ” This fundraiser marks a major step in our ambition to make WethHEl Jadid is Europe’s premier destination for athletic footwear and streetwear. We are particularly proud of our growth and passing the symbolic turnaround mark of €100 million in 2022. The work done by our entire team and the support of our community, which now has over 1.5 million people, is the largest in Europe in the sneaker business demonstrates this.“, Announce David Benheim And Michael HolzmanCo-Founders and CEOs of Wethenew. The platform now aims to achieve profitability by the end of 2023 and plans to study merger and acquisition opportunities in the French and European markets, in order to pursue sustainable and profitable growth.