The Platform Group AG Acquires Joli Closet

The Platform Group AG has announced the acquisition of a majority stake in Joli Closet, a Paris-based luxury platform. The deal involves acquiring 50.1% of Joli Closet, with the closing expected in June 2025. The financial terms remain undisclosed. Joli Closet, established in 2015, specializes in pre-owned luxury fashion items, including handbags, shoes, and watches. It boasts over 220,000 listed products and partners with thousands of retailers, ensuring quality checks in Paris.

The acquisition aims to enhance The Platform Group's luxury division and fortify its presence in the vintage segment, complementing existing platforms like fashionette and Chronext. Joli Closet's founders expressed confidence in expanding their market reach in collaboration with The Platform Group. Dr. Dominik Benner, CEO of The Platform Group, sees this acquisition as an entry into the global pre-owned luxury market, valued over EUR 40 billion.