trending Market Intelligence /marketintelligence/en/news-insights/trending/iq3o1vygphmphah41zrwha2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Groupe Arnault, private equity firms invest in electronics retailer Back Market

Amazon e-commerce sales soar amid COVID-19

Gauging Supply Chain Risk In Volatile Times

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Groupe Arnault, private equity firms invest in electronics retailer Back Market

Back Market, a French startup that sells refurbished electronics online, said June 13 that it has closed a funding round totaling $48 million from a group of investors including LVMH Moët Hennessy Louis Vuitton SE Chairman and CEO Bernard Arnault's family holding company, Groupe Arnault SAS

Back Market said Groupe Arnault, Groupe Arnault's early stage investment program Aglaé Ventures, and French private equity firms Eurazeo SA and daphni SAS contributed to this round of funding. The startup said the latest funding round brings total investment in the company to $55 million. Back Market said it will use the funds to expand its global footprint and fund its North American launch.

Back Market said Groupe Arnault already made an initial investment in the company through Aglaé and has now made a second investment in this funding round. Back Market runs an online marketplace for refurbished smartphones and other electronic devices at prices running 30% to 70% lower than that of new products. It said the market for secondhand electronics is growing quickly, and it expects the market for refurbished cell phones to reach $50 billion in sales by 2022.