ThredUp fashion marketplace offloads its European business, Remix [TechCrunch]
ThredUp Inc. - Class A (TDUP)
Company Research
Source: TechCrunch
ThredUp expanded into Europe in 2021 with the acquisition of Remix , a Bulgarian startup that operates across a handful of central and eastern European markets. Back in May, ThredUp announced a new general manager, Florin Filote , to lead its European operations‚ and Filote is now leading a management buyout of the unit he leads. Founded in 2009, ThredUp specializes in secondhand clothing and accessories, and went on to raise north of $300 million ahead of its 2021 IPO . As with many startups that went public during that period, ThredUp hasn't enjoyed a great time of it, with its market cap dropping from a $1.3 billion valuation at its IPO, to a low of just $60 million last month. The company confirmed at its Q2 2024 earnings in August that it was exploring a sale of Remix to focus entirely on the U.S. The reason, it seems, was that its European revenue had dropped 18% year-on-year to $13 million, while its gross profit had fallen 25% to $3.6 million. At its Q3 earnings last mo
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TDUP
News
- Last Minute Sustainable Gifts For The Holidays [Forbes]Forbes
- ThredUp exits Europe with Remix sale to focus on core US market [Yahoo! Finance]Yahoo! Finance
- ThredUp Signs Binding Contract to Divest European Business [Yahoo! Finance]Yahoo! Finance
- 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