EIB contribution to support transformation & deployment of the major European flashsales player's digital platform across Europe.
First-ever partnership between EU infrastructure financing bank and Veepee.
Contribution to facilitate product, offer development through new and attractive shopping journeys, and improve experience to Brands in every step of their partnership with Veepee.
Veepee (formerly Vente-Privée.com) has signed its first financing agreement worth €80 million with the European Investment Bank (EIB).
It will be used to finance Veepee’s digital transformation investments, supporting the implementation of its sustainable strategy to help the group serve brands by providing a powerful, innovative, and creative digital outlet solution offering its members (i.e. consumers) the best online range of products and services offered with high discount (from Fashion, Lifestyle, Home & Deco to Travel).
This substantial contribution supplemented by own funding has already made it possible to start the convergence of unique processes and platform to serve Brands across Europe. It will also enable the development of Veepee lean pan-European logistic footprint strategy, minimizing its carbon footprint and improving its operational performance.
This is the first time that the EIB has signed a financing agreement with Veepee. It is a strong symbol of the commitment of the EU bank to support a major European flash-sales player against a backdrop of intense competition in constant evolution. This financing agreement also demonstrates the EIB's confidence in the strength of the Veepee business model developed since its creation, 20 years ago.
Financing the digital transformation of the economy and innovation is a key EIB activity in France and Europe. In addition to accelerate the company’s transformation, this operation is also expected to bring positive effects for an important number of small Brands across Europe linked to the Veepee ecosystem. Through the consolidation of IT and logistics infrastructures and the development of customer-to-customer and second-hand sales channels, this project must finally contribute to the expansion of circular economy concepts in the sector.
EIB Vice-president Ambroise Fayolle commented, “As the European Union's bank, we are delighted to be able to support the development of a French and European leader in the growing e-commerce market, fast-tracked by the recent Covid-19 pandemic. This loan is in line with the EIB's policy to support both innovation within companies and the necessary digital development required by global competition”.
Veepee Deputy CEO Orga & Synergies Jean Baptiste Hoyauxsaid “The conclusion of this financing operation with the EIB will allow us to offer a constantly improving experience to Brands in every step of their partnerships with Veepee. It clearly demonstrates that Veepee is a trusted company with strong creditworthiness and this financing will strengthen our financial structure for the next decade to come".
About Veepee – www.veepee.com
In 2001, vente-privee re-wrote the rules of commerce with the concept of online flash sales events, featuring brand products sold in limited quantities for a limited period (3-5 days), marketed at a highly discounted price and with high-quality staging. In 2019, bolstered by its European development strategy launched in 2016, vente-privee changed its name and became Veepee, a global brand operating in 10 countries in Europe. From its early days as a general retailer specializing in online flash sales for major brands, Veepee has become an expert in every sector in which it operates, from Fashion to Home & Decor, Accessories, Sport, Kids, Travel, Entertainment, Leisure, Beauty, Wine and Gastronomy. Veepee’s partnerships with 7,000 brands enables it to offer the best discounts (50%-70% off) compared with the recommended retail price. With 5,500 employees and 66 million members in the world, Veepee recorded consumer turnover of 3.8 billion euros incl. VAT.
The project concerns the promoter-s investments aiming at expanding and improving its legacy digital platform through deploying new and more efficient technologies across its services, aiming at enhancing customer experience for its members (i.e. consumers) and brands, improve operational performance and achieve cost synergies. The activities will take place primarily in the promoter-s technical centres in France between 2020 and 2023.
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