Watch CBS News

Cash in on your closet with Tradesy

Looking for some extra cash? The answer may be in your closet
Tradesy CEO on how to cash in on your closet 04:31

Looking for some extra cash? The answer may be in your closet.

Tradesy is an online marketplace where people can sell women's secondhand clothing and accessories. The company exploded in popularity since it launched less than three years ago. By the end of 2012, it hosted 200,000 members, and that number is soaring, projected to hit 7 million this year.

Founder and CEO Tracy DiNunzio started the company with $8,000 in 2012.

"Today we've raised almost $50 million in investment capital from investors like Richard Branson and Kleiner Perkins. We have 90 employees and we're growing very fast," she said.

She was inspired to create the company after taking a look at her own closet.

"I saw a bunch of things that I rarely wore, and it was an overflowing closet, but I felt like I had nothing to wear," DiNunzio said.

In the early days, she even rented out her apartment bedroom on Airbnb and slept on her couch. According to DiNunzio, "it worked out well."

"Eventually. And I didn't have to sleep on the couch for long. My first Airbnb guest is actually now my husband. That's how we met," DiNunzio said.

Tradesy users can take a photo of the item they want to sell, write a small description "kind of like posting on Instagram" and list the item for sale.

"Then if somebody comes along and buys it, we send you a shipping kit, and you can put your item into the kit. You don't have to leave your house to ship, and then you only pay a very low 9 percent commission, and only when you make a sale," DiNunzio said.

Right now, Tradesy is only for women's clothing and accessories.

"So we're going to expand into men's, but for women today who buy and sell on our site, bags, shoes and accessories, all sell really, really quickly," DiNunzio said. "Doesn't have to be designer, just recognizable brands that people know and love."

Some might wonder how it's different from Ebay.

"Ebay is great, but it's not necessarily tailored to women and the way women want to buy and sell fashion. So we really built something that every item is guaranteed authentic, so you never have to worry if it's a designer good or not," DiNunzio said.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.