1 00:00:02,279 --> 00:00:06,200 Speaker 1: Global business News twenty four hours a day's Bloomberg dot Com, 2 00:00:06,400 --> 00:00:09,280 Speaker 1: the Radio plus mobile lap and on your radio. This 3 00:00:09,640 --> 00:00:13,640 Speaker 1: is a Bloomberg Business Flash from Bloomberg World Handquarters. I'm 4 00:00:13,720 --> 00:00:16,759 Speaker 1: Charlie Pellets, stock Star advancing in. This update is brought 5 00:00:16,760 --> 00:00:20,880 Speaker 1: to you by Marx Penneth l LP rank among the 6 00:00:20,920 --> 00:00:23,799 Speaker 1: top three four rensic accounting firms in New York. Find 7 00:00:23,840 --> 00:00:26,720 Speaker 1: the New York Law Journal for the sixth year in 8 00:00:26,760 --> 00:00:29,720 Speaker 1: a row is at marks Penneth dot com. Now let's 9 00:00:29,720 --> 00:00:32,160 Speaker 1: head over to the first word, Breaking News, Best four, 10 00:00:32,200 --> 00:00:36,879 Speaker 1: Today's afternoon call, and here's Will Maloney. Good afternoon, Charlie. 11 00:00:37,120 --> 00:00:40,000 Speaker 1: US averages are hired today, helped by a four percent 12 00:00:40,159 --> 00:00:43,760 Speaker 1: jump in Apple Dallas currently hired by two hundred four points. 13 00:00:43,760 --> 00:00:47,400 Speaker 1: Subs Game twenty three and as that rises sixty nine, 14 00:00:47,640 --> 00:00:51,000 Speaker 1: the down s are trading back above their fifty day 15 00:00:51,040 --> 00:00:53,840 Speaker 1: moving averages. The small cap six hundred is highed by 16 00:00:53,920 --> 00:00:56,200 Speaker 1: ten points and the U S ten yield at one 17 00:00:56,240 --> 00:00:59,680 Speaker 1: point seven five per cent. Nine out of ten sup 18 00:00:59,760 --> 00:01:02,680 Speaker 1: set there are higher led by gains and energy, technology 19 00:01:02,760 --> 00:01:07,360 Speaker 1: and the materials. Small losses in the utilities doubt transports 20 00:01:07,440 --> 00:01:10,479 Speaker 1: rise eighty points and as a biotechs jump seventy eight 21 00:01:10,760 --> 00:01:14,080 Speaker 1: and the vix is lower by six percent. Down. Leaders 22 00:01:14,160 --> 00:01:18,440 Speaker 1: to the upside included Apple, Intel, and Dupot. Fractional losses 23 00:01:18,480 --> 00:01:21,880 Speaker 1: for travelers. Range Resources fell as much as nine and 24 00:01:21,880 --> 00:01:25,200 Speaker 1: a half percent after its deal for Memorial Resources, while 25 00:01:25,280 --> 00:01:28,920 Speaker 1: Freeport mcmaran gained as much as ten percent. Its price 26 00:01:29,000 --> 00:01:32,440 Speaker 1: target was raised to fifteen from ten. Over at Cowen 27 00:01:32,880 --> 00:01:34,959 Speaker 1: Live from the first breaking news that's gone, Bill Maloney, 28 00:01:35,000 --> 00:01:37,160 Speaker 1: Charlotte No, all right, Thank you very much, Bill Maloney, 29 00:01:37,160 --> 00:01:40,199 Speaker 1: and to hear live breaking news over your Bloomberg Times 30 00:01:40,200 --> 00:01:44,240 Speaker 1: Squawk sq you a w K on your terminal. I'm 31 00:01:44,319 --> 00:01:49,040 Speaker 1: Charlie Pellan. I'm that's a Bloomberg business flash. You're listening 32 00:01:49,080 --> 00:01:52,600 Speaker 1: to taking Stock with pim Box and Kathleen Hayes on 33 00:01:52,760 --> 00:01:57,600 Speaker 1: Bloomberg Radio. When you think internet commerce startups, what do 34 00:01:57,640 --> 00:02:00,440 Speaker 1: you think of a dorm room? Perhaps right, well, let's 35 00:02:00,480 --> 00:02:04,000 Speaker 1: think about a closet and instead of e commerce, let's 36 00:02:04,000 --> 00:02:06,960 Speaker 1: think about re commerce. Here to tell us what this 37 00:02:07,000 --> 00:02:09,560 Speaker 1: all means is Tracy de Nunzio, the founder and the 38 00:02:09,600 --> 00:02:13,640 Speaker 1: chief executive of Traits Trait c. Thank you very much 39 00:02:13,639 --> 00:02:16,400 Speaker 1: for being with us. Thanks for having me. Anyone ever 40 00:02:16,400 --> 00:02:19,160 Speaker 1: get those two you know trades C Tracy, I guess 41 00:02:19,480 --> 00:02:22,440 Speaker 1: and tell people what is trade c tell us about 42 00:02:22,440 --> 00:02:24,840 Speaker 1: your closet, and then tell us about the concept of 43 00:02:25,240 --> 00:02:28,720 Speaker 1: re commerce with an R that means something a little different. 44 00:02:29,600 --> 00:02:32,919 Speaker 1: It does it does? So trade z is a re 45 00:02:33,080 --> 00:02:37,520 Speaker 1: commerce platform where a peer to peer marketplace where women 46 00:02:37,600 --> 00:02:43,640 Speaker 1: can buy and sell anything straight from their closets, so clothing, shoes, accessories, 47 00:02:44,080 --> 00:02:50,079 Speaker 1: et cetera. And women sell both pre owned gently used items, 48 00:02:50,120 --> 00:02:52,839 Speaker 1: so things they've worn but no longer want to wear, 49 00:02:53,600 --> 00:02:56,240 Speaker 1: along with things that they've purchased and maybe never worn. 50 00:02:56,760 --> 00:02:59,120 Speaker 1: And so our sellers are able to earn up to 51 00:03:00,280 --> 00:03:03,600 Speaker 1: of what they paid um for for the products in 52 00:03:03,639 --> 00:03:05,800 Speaker 1: their closet, and our buyers are able to get great 53 00:03:05,800 --> 00:03:08,680 Speaker 1: deals from our sellers. So how do you differ from eBay? 54 00:03:08,680 --> 00:03:10,440 Speaker 1: Why should I go to trades when I've got such 55 00:03:10,440 --> 00:03:13,760 Speaker 1: a big audience on eBay or some of these other sites, Tracy. 56 00:03:14,280 --> 00:03:16,919 Speaker 1: So there are a few things that differentiate us from eBay, 57 00:03:16,960 --> 00:03:20,359 Speaker 1: and it's primarily on the sellar side. We found when 58 00:03:20,360 --> 00:03:23,320 Speaker 1: we launched in two thousand and twelve that left them 59 00:03:23,360 --> 00:03:26,040 Speaker 1: three percent of women in our target market had ever 60 00:03:26,160 --> 00:03:29,720 Speaker 1: sold on eBay. In this category, and it was primarily 61 00:03:29,800 --> 00:03:33,720 Speaker 1: because the listing process is kind of confusing and arduous, 62 00:03:33,720 --> 00:03:37,360 Speaker 1: so we simplified the listening process takes sixty seconds. You 63 00:03:37,400 --> 00:03:39,040 Speaker 1: can do it from your mobile phone when you're in 64 00:03:39,080 --> 00:03:42,920 Speaker 1: your closet in the morning. And then we also simple shipping, 65 00:03:43,320 --> 00:03:45,640 Speaker 1: so when our sellers make a sell, they receive a 66 00:03:45,680 --> 00:03:48,520 Speaker 1: shipping kit right at their door within forty eight hours, 67 00:03:48,560 --> 00:03:51,000 Speaker 1: and they don't even need to leave the house send 68 00:03:51,040 --> 00:03:54,560 Speaker 1: it out. On the buyer side, the difference between eBay 69 00:03:54,640 --> 00:03:58,280 Speaker 1: and trades C is that trades the guarantees the authenticity 70 00:03:58,320 --> 00:04:01,640 Speaker 1: of every single item sold on our platform. So if 71 00:04:01,640 --> 00:04:04,240 Speaker 1: you get a Louis a tom bag and you suspect 72 00:04:04,280 --> 00:04:06,640 Speaker 1: it's fake, you send it back to us, and in 73 00:04:06,680 --> 00:04:10,520 Speaker 1: the very rare instance that um that if fake flips 74 00:04:10,560 --> 00:04:13,400 Speaker 1: through our system will give you a full refund. You 75 00:04:13,400 --> 00:04:16,159 Speaker 1: don't rely on the seller to do that. Tracy, you 76 00:04:16,200 --> 00:04:20,400 Speaker 1: have some not not fake by any means, some very 77 00:04:20,480 --> 00:04:25,719 Speaker 1: genuine uh technology technology investors helping you with this. Tell 78 00:04:25,800 --> 00:04:28,039 Speaker 1: us who's on the board, I know, John dor of 79 00:04:28,400 --> 00:04:33,040 Speaker 1: Kleiner Perkins Bing Gordon. Tell us about the people involved 80 00:04:33,040 --> 00:04:36,680 Speaker 1: in the money that you've raised. Sure, so we just 81 00:04:36,800 --> 00:04:42,000 Speaker 1: closed our financing UM, we raised thirty million dollars and 82 00:04:42,080 --> 00:04:45,000 Speaker 1: that brings our total financing to day to about seven 83 00:04:45,200 --> 00:04:50,200 Speaker 1: million dollars. We have board members like John Doran, Bing Gordon, 84 00:04:50,600 --> 00:04:55,000 Speaker 1: Stephanie Tilennius who used to lead eBay's North America and 85 00:04:55,040 --> 00:04:59,279 Speaker 1: then also Google, Calmer Um, and a few others that 86 00:04:59,279 --> 00:05:03,159 Speaker 1: are just the exceptional investors, including Richard Branson who's not 87 00:05:03,200 --> 00:05:05,960 Speaker 1: on our board but who's very a very supportive investor. 88 00:05:06,400 --> 00:05:10,160 Speaker 1: And I think they're all just excited about the possibility 89 00:05:10,240 --> 00:05:13,640 Speaker 1: for disruption in the fashion categories. So if you think 90 00:05:13,640 --> 00:05:18,000 Speaker 1: about other other categories, everything from music and entertainment to news, 91 00:05:18,279 --> 00:05:20,960 Speaker 1: the existence of a peer to peer network, a digital 92 00:05:20,960 --> 00:05:26,360 Speaker 1: community has really disrupted how transactions happened in those categories, 93 00:05:26,560 --> 00:05:29,599 Speaker 1: and the same is now happening for the closet. We're 94 00:05:29,600 --> 00:05:32,520 Speaker 1: seeing women really taking control of their finances and their 95 00:05:32,520 --> 00:05:36,400 Speaker 1: wardrobes in ways that we haven't seen before UM, and 96 00:05:36,440 --> 00:05:39,520 Speaker 1: the potential for that is a multibillion dollar global market. 97 00:05:39,880 --> 00:05:43,400 Speaker 1: So Tracy, tell us more about you. How you what 98 00:05:43,480 --> 00:05:46,719 Speaker 1: you did before, how you got this idea and then 99 00:05:46,960 --> 00:05:49,520 Speaker 1: got it off the ground, did you bootstrap, did you 100 00:05:49,560 --> 00:05:52,200 Speaker 1: have savings? And again what sorts of things had you 101 00:05:52,320 --> 00:05:55,920 Speaker 1: done that led up to you launching this what seems 102 00:05:55,920 --> 00:06:00,320 Speaker 1: to be a pretty great idea. Thank you. So, I 103 00:06:00,320 --> 00:06:04,680 Speaker 1: had a very unusual path to entrepreneurship. I was an artist, 104 00:06:04,720 --> 00:06:06,880 Speaker 1: That's what I went to school for. I got a 105 00:06:06,920 --> 00:06:10,840 Speaker 1: bachelor's on a master's degree and fine art um. And 106 00:06:11,000 --> 00:06:13,760 Speaker 1: I did that until I was thirty, so well passed 107 00:06:13,800 --> 00:06:18,880 Speaker 1: the age that you typically see entrepreneurs launching tech companies. UM. 108 00:06:18,880 --> 00:06:21,359 Speaker 1: But I noticed that myself and all of the women 109 00:06:21,440 --> 00:06:24,640 Speaker 1: I knew we had the same problem, were overflowing closets. 110 00:06:24,680 --> 00:06:26,839 Speaker 1: We felt like we had nothing to wear, We had 111 00:06:26,880 --> 00:06:30,479 Speaker 1: no liquidity for the things that we had previously purchased, 112 00:06:30,560 --> 00:06:32,920 Speaker 1: and that was causing us to not have the kind 113 00:06:32,960 --> 00:06:35,320 Speaker 1: of finances we wanted or the budget we wanted to 114 00:06:35,360 --> 00:06:38,480 Speaker 1: go out and shop more. UM. I think that it's 115 00:06:38,480 --> 00:06:40,440 Speaker 1: a trend we can all kind of see with our 116 00:06:40,600 --> 00:06:42,880 Speaker 1: with our own eyes, because now that we're all more 117 00:06:42,960 --> 00:06:46,400 Speaker 1: visible on social media, we see, especially young people want 118 00:06:46,400 --> 00:06:49,120 Speaker 1: to just be able to update their wardrobes much more 119 00:06:49,160 --> 00:06:52,600 Speaker 1: frequently and trade and enables that. So I had this 120 00:06:52,720 --> 00:06:56,360 Speaker 1: idea to connect to the closets of millions of women 121 00:06:56,440 --> 00:06:59,120 Speaker 1: I thought would feel like having millions of sisters, and 122 00:06:59,160 --> 00:07:02,640 Speaker 1: that sounded great to me. Um and I decided to 123 00:07:03,120 --> 00:07:07,159 Speaker 1: launch this website and bootstrapped for the first few years 124 00:07:07,200 --> 00:07:10,040 Speaker 1: by renting out my bedroom on Airbnb and sleeping on 125 00:07:10,080 --> 00:07:12,800 Speaker 1: my couch and doing all kinds of crazy things to 126 00:07:12,880 --> 00:07:17,120 Speaker 1: keep the dream alive. And today we have five million 127 00:07:17,160 --> 00:07:20,680 Speaker 1: members and a hundred and forty employees. So it's been 128 00:07:20,720 --> 00:07:23,760 Speaker 1: working out. Hats off to you, Tracy News. So I 129 00:07:23,840 --> 00:07:26,520 Speaker 1: keep saying I just need an idea. I think him 130 00:07:26,560 --> 00:07:28,080 Speaker 1: part of this. You know you could get an idea. 131 00:07:28,200 --> 00:07:30,120 Speaker 1: You've got to know it's a good one. Well, this 132 00:07:30,280 --> 00:07:32,480 Speaker 1: is fascinating, Tracy to News, you a founder and CEO 133 00:07:32,600 --> 00:07:36,080 Speaker 1: of trade z, joining us in Santa Monica, California, to 134 00:07:36,200 --> 00:07:40,280 Speaker 1: talk about her online shopping destination and Destructor. Indeed, this 135 00:07:40,440 --> 00:07:46,840 Speaker 1: is taking Stock on Bloomberg Radio. Bloomberg. Taking Stock is 136 00:07:46,880 --> 00:07:49,600 Speaker 1: brought to by the Town of Hempstead Industrial Development Agency. 137 00:07:49,680 --> 00:07:51,360 Speaker 1: Find out how to put the Town of Hempstead i 138 00:07:51,440 --> 00:07:54,840 Speaker 1: DA to work for your business. Call five nine three 139 00:07:54,960 --> 00:07:58,080 Speaker 1: three seven oh or visit t O h I d 140 00:07:58,080 --> 00:07:58,800 Speaker 1: A dot org.