Chalhoub Group invests in French sneaker & streetwear platform Wethenew
Luxury retailer Chalhoub Group’s Ventures & Acquisitions arm, alongside C4 Ventures, Singular and French footballer Antoine Griezmann announced a new investment in French sneaker & streetwear platform Wethenew.
This underlines Chalhoub Group’s global investment strategy to support and drive innovation in leading businesses related to the luxury sector. With the investment Wethenew has established a key strategic partner to enable its future expansion into the Middle East.
Commenting on the decision, Alex Garabedian, Investment Manager at Chalhoub Group 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 as well as 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.”
The French platform for buying and selling limited edition sneakers and streetwear Wethenew 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. With a community of 1.5 million followers and its first physical retail store launched in Galleries Lafayette the brand has a clear ambition to become the leading destination for buying and selling sneakers and streetwear products in Europe and beyond.
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