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ThredUp Inc. (NASDAQ: TDUP) is a pioneering force in the apparel resale industry, providing an innovative online marketplace for women's and kids' like-new clothing, shoes, and accessories. Established in 2009 by James Reinhart, Chris Homer, and Oliver Lubin, ThredUp has revolutionized the way consumers perceive and purchase secondhand items by encouraging a 'secondhand first' mentality.
Underpinned by a mission to create a sustainable future in fashion, ThredUp offers over 25,000 brands, from everyday names like Gap to high-end luxury such as Gucci, at discounts of up to 90% off retail prices. The company is known for its Clean Out Bag, a convenient solution for individuals to sell their unwanted clothing and accessories. This service has streamlined the resale process and empowered consumers to contribute to an eco-friendly lifestyle.
ThredUp's operational excellence and cutting-edge technology have cemented its status as one of the world's largest online resale platforms. The company's proprietary operating platform includes a distributed processing infrastructure, advanced software, and robust data science capabilities. This ensures a seamless and scalable experience for both buyers and sellers.
Recently, ThredUp released its second annual Impact Report, highlighting its commitment to environmental, social, and governance (ESG) initiatives. The report, guided by the Global Reporting Initiative (GRI) and Sustainable Accounting Standards Board (SASB) standards, outlines ThredUp's ESG strategy and accomplishments throughout 2022. The company is dedicated to transparency and continual improvement in its business practices, with a strong focus on sustainability.
In addition to its marketplace, ThredUp offers Resale-as-a-Service® (RaaS®), enabling leading fashion brands and retailers to integrate customizable resale experiences into their own offerings. Through partnerships with brands like Rebag, ThredUp is expanding its reach and enhancing its market presence, providing consumers with flexible, scalable, and sustainable shopping options.
With over 172 million unique secondhand items processed from 55,000 brands across 100 categories, ThredUp is not just a marketplace but a movement towards more responsible fashion consumption. The company's efforts in driving circular fashion and extending the lifecycle of clothing have not only garnered consumer appreciation but have also positioned ThredUp as a key player in the $30 billion apparel resale industry.
Headquartered in Oakland, California, ThredUp continues to push the boundaries of the resale market, with a passionate team committed to innovation and sustainability. For more information, visit thredup.com/jobs.
ThredUp (NASDAQ: TDUP), a leading online resale platform for apparel, shoes, and accessories, has appointed Noam Paransky to its Board of Directors. Paransky, Chief Omni and Innovation Officer at Tapestry (NYSE: TPR), brings over 25 years of experience in digital retail innovation. His expertise in omnichannel strategy is set to guide ThredUp as it transitions from a legacy resale marketplace to an AI-powered platform. ThredUp CEO James Reinhart emphasized that Paransky's appointment aligns with the company's focus on leveraging technology to enhance the customer experience in the rapidly evolving resale market.
ThredUp (NASDAQ: TDUP, LTSE: TDUP), a leading online resale platform for apparel, shoes, and accessories, announced the participation of CEO James Reinhart and CFO Sean Sobers in the William Blair 44th Annual Growth Stock Conference. The event is scheduled for June 5, 2024, from 8:40 AM to 9:10 AM PT / 11:40 AM to 12:10 PM ET. The presentation will be webcast live on ThredUp’s investor website, with a replay available for 30 days afterward.
ThredUp Inc. (Nasdaq: TDUP) reported first quarter revenue of $79.6 million, up 5% year-over-year, with a gross margin of 69.5% and gross profit increase of 8%. The company expects positive adjusted EBITDA margin and free cash flow for 2024. ThredUp announced a reorganization focusing on AI-driven operations, reducing expenses by $17 million. The company launched new AI tools, an online concept store, hired a GM for Europe, and expanded its RaaS programs. ThredUp's 2024 Resale Report highlighted the growth of the secondhand market. Financial outlook for Q2 includes revenue of $81.0-83.0 million, gross margin of 71.0-73.0%, and adjusted EBITDA margin of 1.0-3.0%. For the full fiscal year, revenue is expected to be $328.0-338.0 million with a gross margin of 71.0-72.0% and adjusted EBITDA margin of 2.0-4.0%.
ThredUp (Nasdaq: TDUP) appoints Florin Filote as the General Manager of Europe, leading the company's operations in nine Central and Eastern European countries. Former executive of Pigu Hobby Hall Group and eMAG, Filote brings two decades of retail and ecommerce experience to drive innovation and growth in the European secondhand market. Long-time ThredUp executive Dan DeMeyere transitions to Chief Product and Technology Officer for the U.S. business.
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