Second-hand fashion e-commerce company ThredUp acquires Remix for $28.5 million

As second-hand platforms have become increasingly popular in recent years, competition among them has become increasingly fierce. According to reports, the US second-hand fashion e-commerce company The redUp announced the acquisition of the European second-hand fashion resale company Remix. With this acquisition, The redUp also added complementary operating infrastructure and an experienced management team to further accelerate its expansion in the European market.

It is reported that the acquisition is expected to be completed in the fourth quarter of 2021 for a price of US$28.5 million. ThredUp previously stated that in 2020, its revenue was US$186 million and its sales reached US$33.9 million.

ThredUp is the world's largest online resale platform for women's and children's clothing and accessories . The products it sells cover nearly 90% of the merchandise of offline retailers , and more than 1,000 new products are put on the shelves every hour. Compared with other second-hand fashion e-commerce platforms, it has simplified many processes and provided consumers with a better shopping experience.

Remix is ​​Europe's leading second-hand fashion resale company . After the acquisition, Remix will continue to operate as an independent platform, and its main business and market will not change. Remix's market is Europe. After the acquisition, ThredUp 's market will no longer be limited to the United States, and it will have greater room for development. Remix will also have a stronger back-end support from ThredUp . Both parties will get what they need and work together to develop the European and American markets.

The majority of buyers on the RedUp platform are young people, which is also one of the common characteristics of current second-hand platform consumption. According to some reports, this is mainly because young people are more susceptible to the concepts of environmental protection, sustainability, recycling, etc., and are more in line with the environmental protection concepts conveyed by such second-hand platforms.

At the same time, young people's consumption concepts are also influencing the market direction of second-hand platforms, making them more and more popular. In an earlier report, The redUp predicted that by 2029, 17% of the clothing in American consumers' wardrobes will come from second-hand transactions, and the second-hand transaction market will become more popular .

ThredUp

Acquisition

Remix