ThredUp Acquires Remix, Launches Public Offering
ThredUp Inc., one of the largest online resale platforms for women’s and kids’ apparel, shoes and accessories, has entered into a definitive agreement to acquire Remix Global AD. The acquisition is part of thredUp’s first phase of international expansion and comes on the heels of the company’s strong growth and expansion of its resale-as-a-service.
“We’ve long admired thredUP’s leadership in the United States and their dedication to building a mission-driven company that makes it easy to buy and sell secondhand,” said Remix CEO Lyubomir Klenov. “Together, I believe we can build upon Remix’s core operational engine, technology and logistics to bring that scalable experience to the European market, where resale has only scratched the surface.”
Remix, one of Europe’s leading fashion resale companies, has custom ‘single-SKU’ logistics that can process millions of unique garments efficiently. This feature will add to thredUp’s operational infrastructure to help with expansion and accelerate marketplace growth.
“Lyubomir and his team have built a strong, lean, customer-first business, and they know how to deliver resale operationally across multiple markets in Europe,” said co-founder and Chief Executive Officer of thredUP James Reinhart. “We’re bullish about the massive opportunity in the European resale market and are thrilled about the chance to build on Remix’s technology and operational expertise to help accelerate its growth.”
The acquisition comes as thredUp recently launched its public offering of 6,424,369 shares of its Class A common stock. Of the common stock, 2 million shares will be issued and sold by thredUP and 4,424,369 shares will be sold by existing stockholders of thredUP.
ThredUP will use the net proceeds from the sale of its shares in the offering for working capital, general corporate purposes and to fund its growth strategies. ThredUP will not receive any proceeds from the sale of shares by the selling stockholders.