ThredUp exits Europe with Remix sale to focus on core US market [Yahoo! Finance]
ThredUp Inc. - Class A (TDUP)
Company Research
Source: Yahoo! Finance
The acquisition was intended to expedite ThredUp's growth plans in the region. However, during its second quarter earnings call for 2024, ThredUp revealed its intention to exit the European market and began exploring strategic alternatives for Remix. Last year, the business generated net revenues of $63.5m and a gross margin of 24.2%. According to ThredUp, the separation is designed to allow each entity to focus on their respective markets and capitalise on their distinct capabilities. ThredUp will focus on its domestic core US operations. As part of the Remix sale, a management buyout was led by the unit's general manager Florin Filote. Following the transaction, ThredUp will retain a minority interest in Remix, which also benefited from a pre-transaction cash injection of $2m from ThredUp to bolster its capital raising activities. ThredUp plans to provide additional details regarding the transaction, including unaudited pro forma financial statements, in a forthcoming fili
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TDUP
News
- Last Minute Sustainable Gifts For The Holidays [Forbes]Forbes
- ThredUp Signs Binding Contract to Divest European Business [Yahoo! Finance]Yahoo! Finance
- ThredUp fashion marketplace offloads its European business, Remix [TechCrunch]TechCrunch
- ThredUp Completes Divestiture of European Business [Yahoo! Finance]Yahoo! Finance
- ThredUp Completes Divestiture of European BusinessBusiness Wire
TDUP
Earnings
- 11/4/24 - Miss
TDUP
Sec Filings
- 1/2/25 - Form 4
- 12/16/24 - Form 4
- 12/11/24 - Form 4
- TDUP's page on the SEC website