VESTIAIRE COLLECTIVE ANNOUNCES THE ACQUISITION OF TRADESY, THE AMERICAN FASHION RESALE PIONEER, TO ACCELERATE CIRCULARITY IN THE GLOBAL LUXURY FASHION MARKET
- Increased liquidity directly benefiting customers of both marketplaces
- Combined scale in the US to unlock strategic local-to-local deals
- A strengthened team to continue building long-term success globally
PARIS and LOS ANGELES, March 15, 2022 /PRNewswire/ — Vestiaire Collective SA (“Vestiaire Collective”), the global leader in the online marketplace for desirable second-hand fashion, today announces the acquisition of Tradesy, Inc. (“Tradesy”), the pioneer American fashion resale industry. The terms of the contract are not disclosed.
Vestiaire Collective and Tradesy were founded in 2009 by female entrepreneurs committed to transforming the fashion industry towards a more sustainable future. Today’s announcement reflects their shared ambition to further accelerate the growth of fashion’s circular economy by delivering a world-class customer experience to buyers and sellers around the world.
By joining forces, Vestiaire Collective and Tradesy are significantly increasing the size and reach of their peer-to-peer marketplaces, to the direct benefit of their sellers and buyers. The combined company will boast a community of 23 million members, a catalog of 5 million items and a gross market value (“GMV”) exceeding $1 billion. Clients of Vestiaire Collective and Tradesy will benefit significantly from the companies’ alliance. Sellers will see their product reach a much wider audience, both in the US and around the world, optimizing the overall sales process. Shoppers will be offered an even wider selection of highly sought-after second-hand fashion items, enhancing their shopping experience.
In recent years, Vestiaire Collective has grown at an accelerated pace in the United States, which has become its first market. In particular, since the start of 2022, Vestiaire Collective has grown its GMV in the United States at a rate of 75% over one year. To best serve its extended clientele and continue to place trust at the heart of its business model, Vestiaire Collective will open a new authentication center in Los Angeles zone (its fifth authentication center in the world and second in the United States). With such strategic scale and operational setup, the combined company will be very well positioned to grow its share of local-to-local, environmentally friendly transactions in the United States.
Maximilian BittnerCEO of Vestiaire Collective, and Fanny Moizant, Founder and President of Vestiaire Collective, will continue to hold these positions within the combined company, and Tracy DiNunzio, founder and CEO of Tradesy, will become CEO of Combined US Operations. The Vestiaire Collective and Tradesy teams will gradually merge to share best practices and support the accelerated growth of the American market. Vestiaire Collective will notably benefit from Tradesy’s unique understanding of US customers, while Tradesy will take full advantage of Vestiaire Collective’s industry-leading authentication expertise and global sourcing capabilities. In line with Vestiaire Collective’s global approach to technology, a technology hub will be created in Los Angelesproviding invaluable expertise to benefit the combined business on an ongoing basis.
Maximilian BittnerCEO of Vestiaire Collective, said: “Today’s transaction is a key milestone for the luxury fashion resale industry. By partnering with Tracy and her team, we continue to empower our clients to drive change by making second-hand fashion a first choice. With this transaction, we confirm Vestiaire Collective’s commitment to the ambition of being a true global player, promoting circularity in Europethe United States and Asia Pacific.”
Fanny Moizant, founder and President of Vestiaire Collective, adds: “We have been very impressed with the great accomplishments of Tracy and the Tradesy team over the years and are very excited to work together to accelerate change in the way people consume fashion. We are particularly excited about the scale we are achieving together and the associated benefits in the very attractive US market.”
Tracy DiNunziofounder and CEO of Tradesy, said: “Fanny, Max and their amazing team have done a spectacular job of positioning Vestiaire Collective as the leading marketplace in our global industry. With today’s transaction, we are able to significantly improve the customer experience. of fashion in the United States. The Tradesy team and I are thrilled to continue our shared mission with the incredibly talented team at Vestiaire Collective.”
John Doerdirector of Tradesy and shareholder who will now become a minority shareholder of Vestiaire Collective, added: “I am thrilled to see these two mission-driven teams joining forces to accelerate sustainability in the fashion and apparel industry. With this combination, Vestiaire Collective is poised to deliver even more value, ease and selection to customers around the world.”
Morgan Stanley is financial advisor to Vestiaire Collective and Dechert is legal advisor to Vestiaire Collective.
Cowen is financial advisor to Tradesy and Latham & Watkins is legal advisor to Tradesy.
FOR MORE INFORMATION PLEASE CONTACT
Communal changing room: Francesco Girona / +33 6 74 92 13 48 / [email protected]
Abernathy MacGregor: matt reid / +1 213 317 1605 / [email protected]
Havana Paris: Stephanie Elbaz / +33 6 46 0508 07 / [email protected]
About Vestiaire Collective
Vestiaire Collective is the world’s leading online marketplace for desirable second-hand fashion. Her mission is to transform the fashion industry for a more sustainable future by empowering her community to promote the circular fashion movement. He provides his community with inspiration, tools, and features to lead change by selling and buying pre-loved one-of-a-kind pieces from other people’s wardrobes. The platform is unique thanks to its very engaged community and its rare and desirable inventory of 3 million items. Launched in Paris in 2009, Vestiaire Collective is a certified B Corporation® with offices in Paris, new York, hong kongSeoul, Singapore and a technology hub in Berlin. To find out more, download the app, go to www.vestiairecollective.com and follow @vestiaireco on Instagram.
Tradesy is America’s leading peer-to-peer resale platform for luxury fashion in United States. Its mission is to make fashion resale as important as retail, creating a more sustainable approach to commerce and shopping. With over $2 billion of second-hand fashion sold to date, Tradesy serves 7 million members and offers a catalog of millions of luxury and authentic designer fashion items from top brands, at prices up to 80% off sale by retail. Launched in Los Angeles in 2009, Tradesy has long had a strong commitment to its corporate values of sustainability, fairness and authenticity. The company is led by its founder and CEO, Tracy DiNunzio, and its co-founder and chief product officer, Sash Catanzarite, and has 140 team members in the United States. Visit www.tradesy.com and follow @tradesy on Instagram to learn more.
SOURCES Vestiaire Collective