Luxury resale platform, Vestiaire Collective, has confirmed the acquisition of Tradesy, a Los Angeles-based resale platform for an undisclosed sum.

Vestiaire Collective said that by joining forces, the companies will be able to "substantially" expand their size and reach, "to the direct advantage of its merchants and buyers."

The enterprises have a combined membership of 23 million people, a catalog of 5 million items, and a Gross Merchandise Value (GMV) of more than one billion euros.

Tracy DiNunzio, founder and CEO of Tradesy, said that Vestiaire Collective has become the leading marketplace in their global industry. They are positioned to greatly improve the experience of US fashion customers with today's purchases. With the immensely skilled team at Vestiaire Collective, the Tradesy team they are pleased to pursue their shared purpose.

Vestiaire Collective is expanding at a quick pace, propelled by rising customer demand for sustainable and pre-loved goods.

The business, which is based in Paris, has developed particularly swiftly in the United States, which has now become its largest market. The company has been raising its US GMV at a 75 percent year-over-year rate since the beginning of the year.

Vestiaire Collective CEO Maximilian Bittner called the acquisition an "important milestone" for the luxury fashion reselling business.

He added that by partnering with Tracy and her team, they're continuing to empower their customers to make secondhand fashion the first option. They confirm Vestiaire Collective's desire to be a truly global player, fostering circularity in Europe, the United States, and Asia-Pacific with this transaction.

Vestiaire Collective also announced plans to open a new authentication center in the Los Angeles area on Tuesday, its fifth worldwide and second in the United States.