French second-hand fashion retailer Vestiaire Collective continues to expand its presence in the United States. On Tuesday, the company announced the acquisition of competitor Tradesy Inc. Financial details of the transaction were not released.
By “joining their strengths”, the two online platforms specializing in used clothing “significantly increased the size and reach of their peer-to-peer marketplaces, for the direct benefit of their sellers and buyers,” Vestiaire Collective said in a statement. “The combined company will have a community of 23 million members and a catalog of 5 million items with a Gross Merchandise Value (GMV) in excess of $1 billion.”
For Vestiaire Collective, the US is already the largest single market. According to the company, the GMV there has increased by 75 percent since the beginning of the year compared to the same period last year.
After the takeover that has now been announced, the two second-hand marketplaces will combine their activities in the USA. Tradesy co-founder and CEO Tracy DiNunzio will lead “the combined US business of the two companies,” Vestiaire Collective said. A gradual merger is also planned below the executive floor: “The teams from Vestiaire Collective and Tradesy will gradually be merged to enable the exchange of best practices and to support accelerated growth in the US market,” says a statement .