ThredUP continues its trajectory of competitive expansion with the first of its overseas expansion by concluding a definitive agreement to win Remix Global AD, one of the leading fashion resale corporations in Europe.
The acquisition will drive thredUP’s expansion plans in Europe, where the pre-owned market stood at $21 billion in 2020 and is expected to succeed at $39 billion through 2025, according to GlobalData 2021 market duration and expansion estimates for the second part of the European demand side. – place of hand market.
ThredUP has grown in the U. S. , where the used apparel and accessories market is expected to double over the next five years to $77 billion, developing 11 times faster than the retail sector in total through 2025, according to ThredUP’s 2021 resale report. the expansion is due to the greater number of distributors putting more products on sale.
According to the report, 76% of first-time shoppers plan to spend more on second-hand items over the next few years, and the category is expected to multiply 5. 4 times over this period.
ThredUP has forged unexpected components with the aim of developing its RaaS business beyond the apparent links to the fashion industry. The LG donation cleaning kit or print a donation label online and send your package to thredUP for free. The initiative is a component of LG’s “Second Life” campaign, which aims to incentivize consumers to make their mark on fashion.
Like thredUP’s patented operating platform, Remix has built a SKU tradition logistics that can successfully process millions of garments. With this acquisition, thredUP adds a complementary operational infrastructure and an experienced control team to launch its expansion in Europe.
ThredUP plans to invest in Remix’s product offerings, processing infrastructure and marketing strategy to drive the expansion of its market. Remix will operate as an independent business unit under the umbrella of thredUP, led by CEO Lyubomir Klenov. ThredUP’s expansion efforts in Europe as it continues its presence in other key markets.
The acquisition of Remix also allows thredUP to expand its resale platform as a service beyond the United States, allowing brands and stores to offer personalized resale reports to their consumers in Europe. relying on thredUP’s RaaS platform to force its resale channels, and European expansion is opening the door to long-term prospective growth.
“Lyubomir and his team have built a strong, lean, customer-centric business and know how to make certain resales operationally in European markets,” said James Reinhart, co-founder and CEO of thredUP. great opportunity in the European resale market and we are excited to be able to leverage Remix’s operational and generation expertise to help drive its growth. “
“We have long admired thredUP’s leadership in the United States and its determination to build a mission-driven business that simplifies the purchase and sale of used vehicles,” said Lyubomir Klenov, Executive Director of Remix. “Together, we can leverage Remix’s core operating engine, generation and logistics to bring this scalable delight to the European market, where resale has only scratched the surface. “
The acquisition is expected to close in the fourth quarter of 2021 and is subject to standard and other final situations expressed in the transaction. Goodwin Procter LLP and Kinstellar act as legal advisors to thredUP.
I have been a journalist for 30 years, as an editor of W magazine, and for over 17 years, retail and real estate as an editor at WWD.
I have been a journalist for 30 years, as editor of W magazine, and for over 17 years, covering retail and genuine real estate as an editor at WWD. I write about luxury boutiques, independent stores, branches, mass chains and virtual stores. local brands and the force that is redefining the way we shop: Amazon. I announce news and interviews with CEOs of primary stores and REITs, and I move under the surface to notice and analyze the complexities of doing business in the era of COVID-19. After months of quarantine, consumers’ grocery shopping behavior has changed; Now they depend more on Amazon than ever before. Retailers will want to leverage all the creativity of their organizations to survive, while addressing key issues such as sustainability, diversity and inclusion.