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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 Inc. (NASDAQ: TDUP) announced a significant expansion with a new flagship distribution center in Lancaster, Texas, investing $70 million and creating 2,000 jobs. This nearly 600,000 square foot facility will be thredUP's largest, featuring automation and over double the item capacity, reaching 16.5 million items across its network. Expected to begin processing in Q2 2022, the center will initially handle 500,000 items. This move reflects thredUP's commitment to meet growing demand for secondhand apparel and enhance its resale operations.
OAKLAND, Calif. and LOS ANGELES, Sept. 15, 2021 /PRNewswire/ -- Michael Stars partners with ThredUp (NASDAQ: TDUP) to provide a resale platform via ThredUp's Resale-as-a-ServiceⓇ (RaaSⓇ). This initiative aims to minimize clothing waste, with 95% of apparel potentially recyclable or reusable. Michael Stars joins other prominent brands like GAP and Madewell in adopting ThredUp’s technology, enhancing their circularity approach. Customers can clean out their wardrobes and receive compensation for quality items sent to ThredUp. The effort aligns with Michael Stars' commitment to sustainability and reduction of environmental impact.
ThredUp Inc. (Nasdaq: TDUP), a leading online resale platform for women’s and kids’ apparel, has announced that CEO James Reinhart and CFO Sean Sobers will participate in the 4th Annual Wells Fargo Consumer Conference on September 22, 2021, from 12:00 - 12:40 PM PT / 3:00 - 3:40 PM ET.
The event will be webcast live on thredUP’s investor website, with a replay available for 30 days afterward. ThredUp aims to inspire a sustainable shopping culture by facilitating secondhand sales, having processed over 125 million items from 35,000 brands.
ThredUp Inc. (NASDAQ: TDUP) announced that its IPO lock-up agreements will affect share sales. All directors and executive officers signed agreements restricting share sales until September 21, 2021. However, 20% of shares held by other employees became eligible for public sale starting May 12, 2021. Remaining shares under lock-up will be available for sale on August 27, 2021. ThredUp is a leading online resale platform for women's and kids' apparel, promoting sustainability and offering significant discounts.
ThredUp, a leading online resale platform, reported another record quarter with a 27% year-over-year revenue growth, reaching $60 million. Gross margins expanded to 74%, contributing to a gross profit of $44 million, a 34% increase year-over-year. The company announced plans for international expansion with the acquisition of Remix in Europe, and established new Resale-as-a-Service® partnerships with major brands. However, ThredUp reported a net loss of $14.4 million for the quarter.
ThredUp Inc. (Nasdaq: TDUP), a leading online resale platform for women's and kids' apparel, announced that CEO James Reinhart and CFO Sean Sobers will participate in the KeyBanc Technology Leadership Forum on August 12, 2021, from 9:00-9:30 AM PT. The event will be streamed live on thredUP’s investor website, with a replay available for 30 days. ThredUp aims to inspire consumers to prioritize secondhand shopping, boasting over 125 million processed items and a mission to promote sustainability in fashion.
ThredUp Inc. (Nasdaq: TDUP) announced the pricing of a public offering of 6,424,369 shares of its Class A common stock, priced at $24.25 per share. The offering includes 2,000,000 shares from ThredUp and 4,424,369 shares from existing stockholders. Underwriters have a 30-day option to buy 963,655 additional shares. Proceeds will be used for working capital and growth strategies. The offering is expected to close on August 2, 2021. ThredUp will not receive proceeds from shares sold by existing stockholders.
ThredUp Inc. (Nasdaq: TDUP) announced a public offering of 6,424,369 shares of its Class A common stock, which includes 2,000,000 shares to be sold by the company and 4,424,369 by existing stockholders. The offering may be adjusted based on market conditions, and underwriters have a 30-day option to purchase an additional 963,655 shares. Proceeds will support ThredUp's working capital and growth strategies. The firm will not receive funds from the shares sold by stockholders. Goldman Sachs, Morgan Stanley, and Barclays are leading the offering.
ThredUp (NASDAQ: TDUP) announced the acquisition of Remix Global AD, accelerating its expansion into Europe, a market projected to grow from $21 billion in 2020 to $39 billion by 2025. The transaction, valued at approximately $28.5 million plus $6.5 million in restricted stock units, aims to enhance ThredUp's Resale-as-a-Service platform. Remix will continue as an independent entity, with CEO Lyubomir Klenov leading European initiatives. This acquisition is expected to be accretive to revenue but dilutive to gross margin in the near term.
ThredUp Inc. (Nasdaq: TDUP) will release its financial results for Q2 2021 on August 10, 2021, after U.S. market close. A conference call is scheduled for 1:30 p.m. PT / 4:30 p.m. ET, accessible via designated phone numbers for U.S. and international callers. ThredUp is a leading online resale platform focusing on women's and kids' apparel, advocating for secondhand shopping and sustainability. The company has processed over 125 million secondhand items, promoting a circular economy in fashion.
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