Tradesy
Introduction
Tradesy is a website where people can buy and sell second hand luxury fashion items. Tracy DiNunzio established the platform in 2009 and has its headquarters in Santa Monica, California. One of the remarkable parts of Tradesy is that it offers an unconditional promise on all things sold on the platform. Because of this, customers are guaranteed to receive genuine, high-quality goods. Additionally, before each item is listed on Tradesy, a team of experts verifies its authenticity.
Tradesy has a designer boutique section where customers can buy directly from top luxury brands in addition to offering a wide range of luxury fashion items. This includes Gucci, Louis Vuitton, and Chanel brands. Additionally, Tradesy provides a variety of services to facilitate the buying and selling process for its users. This includes a payment system that makes it possible to conduct secure transactions as well as shipping and returns.
Key & Significant Facts
Founding Year: The company was founded in 2009 by Tracy DiNunzio
Company Type:For Profit
Industry Type: Ecommerce
Last Funding Type: Series D
Workforce Strength: Tradesy has 106 employees
History
Tradesy was founded in 2009 by CEO Tracy DiNunzio, with a mission to create a trusted and sustainable marketplace for buying and selling luxury fashion items. The company began as an online platform where individuals could buy and sell pre-owned designer clothing, shoes, and accessories. The company started in 2009 under the name Recycled Bride, a peer-to-peer resale marketplace where brides could buy and sell wedding dresses and accessories. DiNunzio quickly expanded her audience to include luxury fashion for women. Tradesy debuted officially in 2012.
Tradesy added a white-glove concierge service for high-end designer items in 2013 after raising $1.5 million in venture capital funding. Customers were able to sell their luxury items using this service without having to worry about listing them, shipping them, or negotiating prices.
Tradesy’s authentication system, which ensures that every designer item sold on the platform is genuine, was launched in 2014. The marketplace gained an additional layer of trust and credibility as a result of this, which increased the number of buyers and sellers.
In January 2015, Tradesy received $30 million in Series B funding from Kleiner Perkins Caufield & Byers. Wildcat Capital Management provided Tradesy with an additional $30 million in Series C funding in May 2016.
Tradesy bought Shop Hers, a global luxury marketplace for used designer clothing, on November 17, 2015. Additionally, the company released its first mobile app, making it simpler for customers to shop and make purchases while on the go.
Tradesy announced in 2017 that its gross merchandise volume had surpassed $1 billion. This milestone demonstrated the company’s expansion and accomplishments in the luxury fashion online market.
Tradesy announced their acquisition of Fitz, a closet organizing and styling service based in New York, in the spring of 2018. Fitz is now known as Tradesy Closet Concierge.
Tradesy’s Tradesy Weddings service, which lets users buy and sell wedding dresses, bridesmaid dresses, and other items related to a wedding, was launched in 2018. In addition, the business announced that it had received $30 million in additional Series D funding, which it intends to use to expand its services and keep innovating in the luxury fashion industry.
Tradesy is now a trusted and well-liked place to buy and sell luxury fashion items. The company continues to expand and develop in the rapidly changing world of online retail thanks to its commitment to authenticity, sustainability, and exceptional customer service. Tradesy’s acquisition by Vestiaire Collective, a luxury secondhand marketplace, was announced in March 2022.
Services
The authentication process is one of Tradesy’s most important services. Tradesy’s team of experts carefully examine each item before listing it for sale to ensure that it is genuine and in good condition. Because of this, customers can shop with assurance that they are getting genuine luxury items.
Tradesy also offers a range of services to make buying and selling on the platform a seamless experience. Tradesy has a lot of features for buyers to help them find the right things. A powerful search engine on the platform lets users sort results by designer, size, color, and other criteria. Additionally, Tradesy provides a Wish List feature that enables users to save items for later and receive notifications when their most-wanted items are on sale.
Tradesy makes it simple for sellers to send their products to the platform for authentication and listing by providing them with free shipping labels and prepaid shipping bags. Additionally, the platform provides a variety of listing and pricing tools to assist sellers in setting the appropriate price for their products and maximizing their chances of selling them. For high-end designer items, Tradesy also provides a white-glove concierge service that includes in-person pickup and authentication.
Tradesy’s return and payment policy is yet another important service they provide. Secure payment processing is used by the platform to safeguard buyer information. Additionally, Tradesy provides customers with a 14-day return policy, enabling them to return items if they are dissatisfied with them.
Tradesy also has a feature called Tradesy Closets, which lets users create a virtual closet of their own items and share them with other platform users. This feature is in addition to Tradesy’s main marketplace. This makes it easier to browse and buy things and gives users a way to connect with others who share their passion for fashion.
In general, the services offered by Tradesy aim to provide a trustworthy and easy way to buy and sell designer clothing. In the crowded online fashion market, the company stands out because of its wide range of services.
Key Financials
- The financial statements of the company show that Tradesy made $107 million in revenue in 2020, a significant increase from the $73 million it made in revenue in 2019.
- In terms of profitability, Tradesy reported a net income of $3.7 million in 2020, up from a net income of $1.9 million in 2019.
- Additionally, Tradesy reported significant growth in its active seller base, with 36% more sellers joining the platform in 2020. The company’s revenue and profitability have increased as a result of this expansion in the seller base.
- Tradesy has 106 employees
Pros and Cons
Pros
- Tradesy offers a wide variety of high-quality designer and brand-name clothing, accessories, and home goods at discounted prices.
- All items are authentic and in good condition thanks to Tradesy’s authentication process.
- To ensure customer satisfaction, Tradesy provides a hassle-free return policy and buyer protection program.
- People can sell their gently used clothing and other items on Tradesy, which gives them a way to make more money and clear out their closets.
Cons
- Tradesy’s prices may be more expensive than those of other websites that sell secondhand clothing to some customers.
- For some sellers, Tradesy’s seller fees and shipping costs may be too much.
- The authentication process on Tradesy can take a long time and may cause items to be shipped later.
- While some customers may feel more at ease purchasing clothing and accessories online, others may prefer to shop in person.
Conclusion
Overall, Tradesy is a key player in the online fashion marketplace. Its focus on authenticity and user-friendliness has helped it to become a trusted destination for those looking to buy and sell high-end fashion items.