ThredUp Inc. (NASDAQ: TDUP), one of the largest online resale platforms for women’s and kids’ apparel, shoes, and accessories, today announced the initial phase of its international expansion strategy by entering into a definitive agreement to acquire Remix Global AD (Remix), one of Europe’s leading fashion resale companies. The acquisition will accelerate thredUP’s growth plans in Europe, where the secondhand market was estimated to be $21 billion in 2020 and is expected to grow to $39 billion by 2025*. The news comes on the heels of strong domestic growth for thredUP and Resale-as-a-Service® (RaaS®) expansion, including new deals with Vera Bradley, FARFETCH, LG, and Madewell.
Much like thredUP’s own proprietary operating platform, Remix has built custom ‘single-SKU’ logistics that can process millions of unique garments efficiently. With this acquisition, thredUP adds a complementary operational infrastructure and an experienced management team to springboard its expansion into Europe. thredUP plans to invest in Remix’s product offerings, processing infrastructure, and go-to-market strategy to accelerate its marketplace growth. Remix will operate as an independent business unit under the thredUP umbrella, led by CEO Lyubomir Klenov. Klenov will lead thredUP’s European expansion efforts as it continues to build out its presence across other key markets. Learn more at thredUP.com/europe.
The Remix acquisition also allows thredUP the potential to extend its RaaS® platform beyond the United States, enabling brands and retailers to deliver customized resale experiences to their customers in Europe. A number of the world’s leading brands and retailers already rely on thredUP’s RaaS® platform to power their resale channels, and European expansion opens doors to potential future growth.
Source: Prnewswire
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