Vestiaire Collective sews up Tradesy purchase
Paris-headquartered luxury resale marketplace Vestiaire Collective has acquired Tradesy, a peer-to-peer fashion resale platform based in Los Angeles, for an undisclosed figure, the former announced recently.
Both companies were founded in 2009.
The combined reach of the two firms will now stretch to encompass 23 million “members”, Vestiaire said, boasting a 5 million-strong product catalogue and a gross merchandise value (GMV) of more than $1 billion.
Following its acquisition of Tradesy, sellers across the two marketplaces will now see their listings meet the gaze of a “much broader” audience of would-be purchasers, Vestiaire added, both in the US and internationally. Meanwhile, buyers will be met with “an even broader selection of highly desirable pre-loved fashion goods”.
Tradesy will supply its “unique” understanding of the US market, whereas Vestiaire will strengthen the Californian enterprise’s expertise in luxury authentication services and “global supply capabilities”. The latter has also committed to open a new authentication centre in Los Angeles, which will constitute its second-ever in the US and its fifth globally.
Vestiaire Collective currently has offices in Paris, London, Berlin, New York, Singapore and Hong Kong, whereas Tradesy maintains a base in Santa Monica. The US, where Vestiaire said it has been growing its local GMV at a rate of 75% year on year, is now its largest market.
Following the deal, Vestiaire’s founder and president, Fanny Moizant, will see her remit expand to encompass the newly combined firm as a whole, while its current chief executive, Maximilian Bittner, will now serve as chief executive of the total business entity. Additionally, Tradesy’s founder and chief executive, Tracy DiNunzio, will step into the role of chief executive of the two companies' combined US division.
Ms Moizant commented on the transaction: “We have been very impressed with the great achievements of Tracy and the Tradesy team over the years and are very excited by the opportunity to work together to accelerate the change in the way people consume fashion. We are particularly enthusiastic about the scale we are reaching together and the associated benefits in the highly attractive US market.”
Mr Bittner described the deal as a “key milestone” for the luxury fashion resale industry.
Parisian luxury goods group Kering took a stake of around 5% in its fellow French company last March.
Image: Vestiaire Collective via Instagram.
