Touchstone Partners has contributed $1 million in preliminary capital to Piktina, a Vietnamese online marketplace for used clothing.
Piktina, which was established in June and targets both people who want to declutter their wardrobes and companies that specialize in used clothing, links buyers and sellers of used products.
Former CEO of the Vietnamese ride-hailing company Be Group Phuong Nguyen and former Be Group executive Huyen Trinh founded the recommerce platform.
Depop, which US-based Etsy purchased for US $1.6 billion in 2021, served as an inspiration for Piktina. According to Depop, 90% of its current users are younger than 26.
In a similar vein, Piktina is banking on Gen Z customers in Vietnam’s rising interest in thrifting or wearing used clothing. The business said that up to 2026, there will be an estimated $5 billion worth of used clothing in Vietnam that can be sold again.
In addition, the start-up stated that Vietnamese youth choose vintage clothing “not only for cost reasons, but also for the edginess it delivers in contrast to transient fast-fashion fads.”
The additional money will be used by Piktina to accelerate expansion and improve its business strategy. The company now levies a 20% commission fee for each successful transaction in addition to any further authentication fees necessary.
