VESTIAIRE COLLECTIVE ANNOUNCES THE ACQUISITION OF TRADESY, THE US PIONEER IN THE FASHION RESALE INDUSTRY, 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 transactions
- Strengthened team to continue building long term success globally
PARIS and LOS ANGELES, March 15, 2022 /PRNewswire/ -- Vestiaire Collective SA ("Vestiaire Collective), the leading global online marketplace for desirable pre-loved fashion today announces the acquisition of Tradesy, Inc. ("Tradesy"), the US pioneer in the fashion resale industry. Financial terms of the deal were not disclosed.
Vestiaire Collective and Tradesy were both founded in 2009 by women 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 the circular fashion economy by delivering a world-class customer experience to buyers and sellers across the globe.
By joining forces, Vestiaire Collective and Tradesy significantly increase 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 membership community of 23 million, a catalog of 5 million items and a Gross Merchandise Value ("GMV") exceeding $1 billion. Customers of both Vestiaire Collective and Tradesy will significantly benefit from the companies' alliance. Sellers will see their product reaching a much broader audience, in the US and globally, therefore optimizing the overall sale process. Buyers will be presented with an even broader selection of highly desirable pre-loved fashion goods, therefore enhancing their purchase experience.
In recent years, Vestiaire Collective has grown at an accelerated pace in the US, which has become its largest market. In particular, since the beginning of 2022, Vestiaire Collective has been growing its US GMV at a 75% year-on-year rate. To best serve its expanded customer base and continue to position trust at the core of its business model, Vestiaire Collective will open a new authentication center in the Los Angeles area (its fifth authentication center globally, and second in the US). With such strategic scale and operational setup, the combined company will be very well-positioned to grow its share of environmentally friendly local-to-local transactions in the US.
Maximilian Bittner, CEO of Vestiaire Collective, and Fanny Moizant, founder and President of Vestiaire Collective, will continue to serve in those roles for the combined company, and Tracy DiNunzio, founder and CEO of Tradesy, will become CEO of the combined US operations. The teams of Vestiaire Collective and Tradesy will progressively merge to allow sharing of best practices and support accelerated growth in the US market. Vestiaire Collective will notably benefit from Tradesy's unique understanding of US customers while Tradesy will fully leverage Vestiaire Collective's industry leading authentication expertise and global supply capabilities. Consistent with Vestiaire Collective's global approach to technology, a technology hub will be formed in Los Angeles, providing invaluable expertise benefitting the combined business on an ongoing basis.
Maximilian Bittner, CEO of Vestiaire Collective, commented: "Today's transaction is a key milestone for the luxury fashion resale industry. 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."
Fanny Moizant, founder and President of Vestiaire Collective, added: "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."
Tracy DiNunzio, founder and CEO of Tradesy, said: "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."
John Doerr, a Tradesy board member and shareholder who will now become a minority shareholder in Vestiaire Collective, added: "I am thrilled to see these two mission-driven teams join 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 globally."
Morgan Stanley is serving as financial advisor to Vestiaire Collective and Dechert is serving as legal advisor to Vestiaire Collective.
Cowen is serving as financial advisor to Tradesy and Latham & Watkins is serving as legal advisor to Tradesy.
FOR FURTHER INFORMATION, PLEASE CONTACT
Vestiaire Collective: Francesco Girone / +33 6 74 92 13 48 / [email protected]
Abernathy MacGregor: Matt Reid / +1 213 317 1605 / [email protected]
Havas Paris: Stéphanie Elbaz / +33 6 46 0508 07 / [email protected]
About Vestiaire Collective
Vestiaire Collective is the leading global online marketplace for desirable pre-loved fashion. Its mission is to transform the fashion industry for a more sustainable future by empowering its community to promote the circular fashion movement. It provides its community with inspiration, tools and features to lead the change as they sell and buy unique pre-loved pieces from each other's wardrobes. The platform is unique thanks to its highly engaged community and its rare, 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 Kong, Seoul, Singapore and a tech hub in Berlin. Find out more by downloading the app, visiting www.vestiairecollective.com and following @vestiaireco on Instagram.
About Tradesy
Tradesy is the leading US peer-to-peer resale platform for luxury fashion in the United States. Its mission is to make fashion resale as big as retail, creating a more sustainable approach to commerce and shopping. With over $2 billion of pre-owned fashion sold to-date, Tradesy serves 7 million members, and boasts a catalog of millions of authentic luxury and designer fashion items from top brands, at prices up to 80% off retail. Launched in Los Angeles in 2009, Tradesy has long held a strong commitment to its corporate values of Sustainability, Equity, and Authenticity. The company is led by its founder and CEO, Tracy DiNunzio, and its cofounder and Chief Product Officer, Sash Catanzarite, and has 140 team members in the US. Visit www.tradesy.com and follow @tradesy on Instagram to learn more.
SOURCE Vestiaire Collective
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