Vestiaire Collective acquires U.S. resale platform Tradesy
French fashion resale website Vestiaire Collective announced on Tuesday the acquisition of U.S. fashion resale pioneer Tradesy Inc.
As part of the acquisition, Vestiaire Collective and Tradesy will significantly increase the size and reach of their peer-to-peer marketplaces. Together, the new company will boast a membership community of 23 million, a catalog of 5 million items and a Gross Merchandise Value ("GMV") exceeding $1 billion.
The move is expected to be at the advantage of both sellers and buyers, as sellers will reach a wider audience and buyers will be presented with an even broader selection of pre-loved fashion goods.
The teams of Vestiaire Collective and Tradesy will progressively merge with Maximilian Bittner, CEO of Vestiaire Collective, and Fanny Moizant, founder and president of Vestiaire Collective, continuing to serve in those roles for the combined company. Likewise, Tracy DiNunzio, founder and CEO of Tradesy, will become CEO of the combined U.S. operations.
"Today's transaction is a key milestone for the luxury fashion resale industry,” said Bittner. “By joining forces with Tracy and her team, we continue to empower our customers to drive change by making second-hand fashion a first choice. With this transaction, we confirm Vestiaire Collective's ambition to be a truly global player, promoting circularity in Europe, the US and Asia-Pacific.”
Vestiaire Collective and Tradesy were both founded in 2009 by women entrepreneurs. Since the beginning of 2022, Vestiaire Collective has been growing its U.S. GMV at a 75% year-on-year rate.
Looking ahead, it will open a new authentication center in the Los Angeles area — its fifth authentication center globally, and second in the U.S. — to grow its share of environmentally friendly local-to-local transactions in the U.S.
"Fanny, Max and their great team have done a spectacular job positioning Vestiaire Collective as the leading marketplace in our global industry. With today's transaction, we are positioned to significantly improve the experience of US fashion customers. The Tradesy team and I are thrilled to pursue our shared mission together with the incredibly talented team at Vestiaire Collective,” added DiNunzio.
Copyright © 2022 FashionNetwork.com All rights reserved.