ThredUp
| Company type | Public |
|---|---|
| Nasdaq: TDUP | |
| Founded | 2009 |
| Founders | James Reinhart, Chris Homer and Oliver Lubin |
| Headquarters | |
| Website | thredup |
ThredUp Inc. is an American company that operates an online resale platform using Artificial Intelligence, specializing in the sale of second-hand clothing, footwear, and accessories [1] Founded in 2009 and headquartered in Oakland, California, ThredUp has established itself as one of the leading resale fashion marketplaces.[2]
History
[edit]ThredUp was founded in 2009 by James Reinhart, Chris Homer, and Oliver Lubin who raised US$131 million in a funding round.[3][4]
In 2019, ThredUp launched Thrift Cards.[5] Two years later, it was listed on the Nasdaq.[6]
Since its inception, ThredUp has processed more than 137 million secondhand items from approximately 55,000 different brands. The company has several distribution centers in the United States and Europe, allowing it to efficiently manage its inventory and meet customer demand.[7]
In the first half of 2023, ThredUp increased its sales by 4% to €99.8 million, substantially reducing its negative result to €38.5 million.[8]
Business model
[edit]The ThredUp marketplace provides services both to consumers and business. In B2C they provide two separate services: One to customers who want to sell their used clothes. The company sends those customers a free “Clean Out Kit” which is a bag in which they can send all the used clothes they want with free shipping. ThredUp sorts, evaluates and presents the clothes for selling. The customer receives compensation via a cash payment or online credit and is also given the option to donate to charity.[9] The second service is to customers who can use their page to find and purchase clothes shorted by brand, type or style.
ThredUp also offers a B2B service to brand retailers. Through resale as a service (RaaS) partnerships they give the fashion brands Clean Out Kits that they can use to provide a return service to their own customers in exchange for in-store credit.[9]
References
[edit]- ^ Ponce de Leon, Sandra. "How thredUP is Driving the Circular Fashion Movement with AI". Forbes. Retrieved 2024-06-21.
- ^ "ThredUp Inc, TDUP:NSQ profile". Financial Times. Retrieved 2024-06-21.
- ^ Sourtech. "La CONMEBOL anunció la realización del documental de la Copa América USA 2024 en Co-Producción con Tronito/Idelve". Forbes Argentina (in Spanish). Retrieved 2024-06-21.
- ^ McDowell, Maghan (26 March 2021). "Thredup, now public, wants to solve resale tech for fashion brands". Vogue Business. Retrieved 8 October 2024.
- ^ Roshitsh, Kaley (November 14, 2019). "ThredUp Debuts 'Thrift Cards' — a Case for Regifting, Thrifting, 'Responsible Retail'".
- ^ https://www.wsj.com/articles/thredup-fetches-1-3-billion-value-in-ipo-11616761017
- ^ "ThredUp Adds to Board as It Plots AI Expansion". Yahoo Finance. 2024-06-25. Retrieved 2024-06-25.
- ^ "ThredUp eleva sus ventas un 4% y reduce sus pérdidas en el primer semestre". Modaes (in Spanish). Retrieved 2024-06-25.
- ^ a b Skees, Sandy (2023-04-03). Purposeful Brands: How Purpose and Sustainability Drive Brand Value and Positive Change. Kogan Page Publishers. p. 118. ISBN 978-1-3986-0984-6.