ThredUp Unveils New Platform And $175 Million In Funding As Resale Trend Accelerates [Forbes]
Macy's Inc (M)
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Source: Forbes
ThredUp Unveils New Platform And $175 Million In Funding As Resale Trend Accelerates Even as the retail industry has slumped, dragged down by disappointing earnings and an unending trade war, resale is exploding. With the $24 billion secondhand market looking more and more enticing to hard-up traditional retailers, no small number of them began to court the fashion resale marketplace ThredUp over the last year, CEO and cofounder James Reinhart says. “I think all of them acknowledged that resale was a trend that was accelerating,” he adds. “But they weren’t exactly sure how to participate in it.” The result of those conversations, ThredUp announced today, is a new platform called Resale-As-A-Service that will allow retailers to partner with the company, offering three options: an in-store pop-up, online collaboration or a loyalty program. To power the initiative, ThredUp has raised $100 million in a new funding round, to go with a previously undisclosed $75 million from last year. That
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