Piktina, a Vietnamese Fashion Re-Commerce Firm Raises $1 Million

Touchstone Partners has provided an early investment of $1 million to Piktina, a Vietnamese online marketplace for used clothing.

The Highlights:

• Piktina, a Vietnamese online marketplace for worn apparel, has received an early investment of $1 million from Touchstone Partners.
• Piktina is relying on the rising interest among Gen Z consumers in thrifting and second-hand clothing in Vietnam. Up to 2026, secondhand apparel might be sold in Vietnam for as much as $5 billion, the start-up estimates.
• With the extra money, Piktina will grow swiftly and enhance its business plan. For each successful transaction, the corporation currently levies an additional 20% commission cost in addition to any further authentication expenses required.

Since its launch in June, Piktina has been bringing together people looking to declutter their wardrobes and companies who specialize in pre-owned clothing.

The founders of the e-commerce platform are Phuong Nguyen, formerly the CEO of the Vietnamese ride-hailing company Be Group, and Huyen Trinh.

Depop, which US-based Etsy purchased in 2021 for US$1.6 billion, was an inspiration for Piktina. According to Depop, 90% of its active users are younger than 26.

Similarly, Piktina is banking on Gen Z customers' increased interest in thrifting or wearing used items in Vietnam. According to the start-up, an estimated $5 billion worth of used clothing may be sold in Vietnam up to 2026.

The start-up added that young people in Vietnam choose vintage clothing “not only for cost reasons but also for the edginess it delivers in contrast to transitory fast-fashion trend.”

Piktina will expand quickly and improve its business strategy with the additional cash. Currently, the company charges an extra 20% commission fee and any further authentication fees necessary for each successful transaction.

In Asia, e-commerce is picking up steam. Recently, Naver, a leading internet company in South Korea, agreed to pay around US$1.2 billion to purchase Poshmark, an online marketplace for used clothing. In 2020, Naver also invested Carousell.

Adapted from TechInAsia