NEW YORK: Online resale store thredUP said on Wednesday it received US$175 million in funding which it will use to expand its platform to offer resale clothing services to retailers.
thredUP Chief Executive James Reinhart told Reuters the roughly 10-year-old company is in"active conversations" with"dozens of retailers" about how they can help them tap into a US$24 billion apparel resale market. Online resale will grow as much as 10 to 15 times faster than fast fashion stores such as Zara, department stores such as Macy's, and traditional off-price chains like T.J. Maxx, according to Cowen & Co estimates.In addition to providing the online and in-store services for buying and selling secondhand apparel for retailers and brands, the funding will also be used toward improving in-house logistics and marketing, according to company executives.
Consumers download the thredUP app or go onto the resale site and then ship their used apparel, handbags, shoes and jewelry items from more than 35,000 brands such as J.Crew and Old Navy. Company employees receive the items, process them, make sure they're in good condition, price them algorithmically, photograph them and ship them out to shoppers when sold.
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