Fanny Moizant of Vestiaire Collective: “Our ambition is to build the world’s leading resale marketplace”

Last month, Paris-based Vestiaire Collective acquired US competitor Tradesy, significantly expanding its customer base in the US and putting it head-to-head with The RealReal.

Today, the United States is Vestiaire Collective’s largest market. Even before the deal, its gross merchandise volume (GMV) in the United States was on the rise: it was up 75% year-over-year in the first quarter of 2022, according to Fanny Moizant, co-founder and president by Vestiaire Collective.

“Our ambition is to build the world’s leading resale market,” Moizant said in the latest episode of the Glossy Podcast. “[We want] to transform the fashion industry and the way people consume fashion. It’s what motivates us and makes us wake up happy every morning.

The company is on the right track. With Tradesy, Vestiaire Collective now offers 5 million products from 3,000 brands and is expected to sell $1 billion in GMV per year.

“We’re this massive platform, where everyone — to their own budget, taste, and style — can find something really appealing,” Moizant said.

There are five types of shoppers who patronize the retailer, she said. And the puppets in the company’s latest campaign are meant to represent each of them: “There’s Miss Classic, who’s the very chic woman who likes to buy luxury and really wants confidence. We also have Hunter, who is the bargain hunter; she’s after the bargains. We have Rich, who is the salesman. He knows that on Vestiaire he will find the right community that appreciates fashion and understands the value of his products. We also have Lady Green, who is our fashion activist. And we have Drops, which is the edgy girl looking for sold-out products or very rare items to find.

The company, which became a certified B Corp in September, also has specific sustainability goals. For example, he wants to be carbon positive by 2025.

Below are additional highlights from the conversation, which have been lightly edited for clarity.

win sellers
“Sellers are looking for a lot of things. We are dealing in designer luxury goods, and even as a seller, trust really matters. [They care about] where their article is going to be presented and by whom it will be [seen] — and we reach a community of 23 million members in 80 countries. Thus, for sellers, [we provide] an incredible opportunity to reach these buyers. Obviously, financially, salespeople are looking for a very competitive commission. I think we are among the most competitive in the United States, in terms of our model. We have an average commission of 15%, which is quite aggressive. And [they also appreciate] all the user experience you can find on Vestiaire, where we interact with people and leverage various social components. And that’s because we are above all a community of fashion enthusiasts.

On fundraising
“There are [now] great interest from the financial community for resale because everyone is beginning to understand that resale is not a trend, but that it is here to stay. It’s a real different way of consuming fashion… For a year now, we’ve had the chance to welcome [as an investor] Kering, which really gave enormous credibility to the Cloakroom activity. It was a big milestone for us, and that’s where we became a unicorn. So it was a very emotional stage. And more recently, we welcomed SoftBank and also Generation [as investors]… It’s been an exciting year. But it also means that we have a lot to deliver on our side, [now that] we have great partners like this who are counting on us to change the world. There are great opportunities to grow with them.

The rise of brand partnerships
“I really believe the whole industry will embrace resale. All [brands] will always produce amazing and beautiful items in their amazing craftsmanship. But at some point, it makes sense for brands to also offer this different offering or provide a solution for their customers to recycle and start selling. So last year we launched what we call “resale as a service”. This is a new service that we offer to brands and e-merchants, [allowing them] to leverage their community of buyers and start entering the circular economy. We started that with the Alexander McQueen brand, and then we did a couple more partnerships. A very successful one that we are always very happy to talk about is the [partnership with] MyTheresa, the German e-tailer. They do an amazing job. When they promote the offer to their customers, the success rate is amazing; an incredible group of people are now starting to unload their wardrobes and step into this circular pattern. And we are very proud to see that these sellers are not only benefiting from it on an ad hoc basis [experience], but they come back. So that means they’re really eager to start seeing their wardrobes as assets, not consumables, and hopefully start consuming more consciously.


Source link

Comments are closed.