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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.
On July 15, 2021, LG Electronics USA and ThredUp Inc. (TDUP) announced a strategic partnership to launch an apparel clean out program powered by ThredUp's Resale-as-a-Service® (RaaS®). This initiative, part of LG's 'Second Life' campaign, enables customers to donate unwanted clothing easily while ThredUp helps to resell these items, promoting sustainability in fashion. For every Donation Clean Out Kit received, $5 will be donated to a chosen charity. With this collaboration, ThredUp expands its client reach beyond traditional fashion retailers.
FARFETCH Limited (NYSE: FTCH) has partnered with thredUP (NASDAQ: TDUP) to launch a donation program in the US, utilizing thredUP's Resale-as-a-Service to allow customers to donate items while earning shopping credit. Following a successful UK launch in 2019, this initiative aims to promote sustainability in fashion by extending the life of clothing. Customers will use FARFETCH-branded 'Clean Out Kits' to send items to thredUP, with at least 50% of the payout donated to charities of their choice. This move aligns with FARFETCH's commitment to sustainability goals by 2030.
ThredUp Inc. (NASDAQ: TDUP) has released its 2021 Resale Report, conducted by GlobalData, projecting the U.S. secondhand market to double in the next five years, reaching $77 billion. Key findings indicate that the resale sector grew during the pandemic, with a current market valuation of $36 billion, growing 11 times faster than retail clothing. Notably, 33 million consumers bought secondhand for the first time in 2020, and 62% of retail executives view resale as vital for future business. ThredUp aims to promote sustainability and Circular Fashion, emphasizing its role in this emerging market.
ThredUp Inc. (TDUP), a leading resale platform for women's and kids' apparel, has announced participation in the Wells Fargo Virtual 'Bricks to Clicks' Digital Conference. CEO James Reinhart and CFO Sean Sobers will present on June 24, 2021, from 11:00 AM - 11:30 PM PT (2:00 - 2:30 PM ET). The event will be streamed live on thredUP’s investor website, with replay available for 30 days. ThredUp aims to inspire consumers to consider secondhand shopping, having processed over 100 million items since inception, promoting sustainability in the fashion industry.
ThredUp Inc. (Nasdaq: TDUP), a leading resale platform for women's and kids' apparel, shoes, and accessories, announced participation in three investor conferences in June 2021. CEO James Reinhart and CFO Sean Sobers will represent the company at:
- William Blair Growth Stock Conference - June 2, 2:40 PM PT
- Piper Sandler 41st Annual Consumer Marketplace Conference - June 3, 10:40 AM PT
- Morgan Stanley Sustainable Futures Conference - June 9, 5:00 AM PT
The events will be available via live webcast on ThredUp's investor website.
ThredUp Inc. (Nasdaq: TDUP) reported a record quarterly revenue of $56 million for Q1 2021, with a gross profit of $40 million and a gross margin of 71%. Active Buyers increased to 1.29 million, leading to 1.13 million orders. Despite these gains, the company recorded a GAAP net loss of $16.2 million, or 29% of revenue. The IPO raised $175.5 million. Looking ahead, ThredUp projects revenue between $53 million and $55 million for Q2 2021, and between $223 million and $229 million for the full year. Gross margin is expected to remain between 70% and 72% for the fiscal year.
ThredUp Inc. (NASDAQ: TDUP), a leading resale platform, announced a collaboration with Vera Bradley to power resale via its Resale-as-a-Service (RaaS) model. This partnership coincides with findings from thredUP's 2021 Resale Report, indicating 80% of U.S. consumers plan to refresh their wardrobes post-pandemic. Vera Bradley will offer thredUP Clean Out Kits, allowing customers to send in items for resale, receiving gift cards in return. The RaaS model emphasizes sustainability while catering to a growing market interest in secondhand goods.
ThredUp Inc. (NASDAQ: TDUP) has appointed Marcie Vu to its Board of Directors as of February 2021. Vu brings over 20 years of investment banking experience, having advised on significant transactions exceeding $100 billion. Her past roles include leading the Consumer Technology Group at Qatalyst Partners and Consumer Internet Investment Banking at Morgan Stanley. This move follows thredUP's successful IPO in March 2021, and Vu's expertise is expected to aid the company in enhancing its growth strategies in the competitive online resale market.
ThredUp Inc. (Nasdaq: TDUP) will release its first-quarter financial results on May 12, 2021, post U.S. market closure. A conference call and live webcast will follow at 1:30 p.m. PT / 4:30 p.m. ET, accessible through specific phone numbers and its investor relations website. ThredUp is a leading resale platform for women's and children's apparel, focusing on sustainability and promoting secondhand shopping. The company aims to change consumer behavior and foster a sustainable future in the fashion industry.
ThredUp Inc. has priced its initial public offering (IPO) of 12,000,000 shares of Class A common stock at $14.00 per share, scheduled to begin trading on the Nasdaq Global Select Market on March 26, 2021 under the symbol TDUP. The offering is expected to close on March 30, 2021, pending customary closing conditions. Additionally, underwriters have a 30-day option to purchase up to 1,800,000 additional shares. Goldman Sachs, Morgan Stanley, and Barclays are leading the offering.
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