The resale market continues to grow! At least that’s what ThredUp’s numbers are saying.
The American clothing resale platform has reported a revenue growth of 26.7 per cent in the second quarter.
ThredUp saw its revenue touch US $ 59.96 in the quarter that ended 30 June 2021, which was much more than US $ 47.34 million it posted a year back.
Confirming the same to media, James Reinhart, CEO and Co-founder said that these numbers distinctly proved the growing strength of secondhand market.
The quarter also saw ThredUp’s active buyers rise to 1.34 million, with orders of 1.22 million.
While the resale platform’s net loss widened to US $ 14.38 million, its gross margin expanded to 73.6 per cent from 69.7 per cent a year before.
ThredUp has been growing lately! Besides some impressive revenue numbers in recent times, it also recently announced its plans of buying fashion resale business Remix Global AD in its endeavour to expand to Europe.
Also Read: ThredUp to buy secondhand apparel firm Remix for US $ 28.5 million
Also Read: Secondhand apparel sales to reach US $ 77 billion in 5 years; retailers are key: ThredUp
This deal is expected to conclude in the fourth quarter of this year. Founded in 2009, ThredUp has been successfully selling secondhand clothes online.
