ThredUp, the American fashion resale platform, has agreed to buy Bulgaria-based secondhand apparel firm Remix Global AD for US $ 28.5 million – plus US $ 6.5 million in restricted stock units.
While confirming the same through a press release, it was stated that Remix Global AD will continue to run as an independent business unit under ThredUp.
Notably, Lyubomir Klenov, CEO, Remix will lead ThredUp’s European expansion team as well.
The deal is expected to conclude any time in the fourth quarter of the year, subject to customary conditions.
ThredUp is fast becoming a name associated not only with used apparels, but also as an efficient logistical service provider for many other retailers.
ThredUp’s decision to buy Remix comes in the wake of its recent successful deals with biggies like Farfetch and Madewell with its resale service logistics.
It was only last week that ThredUp had joined hands with Madewell to launch Madewell Forever with the aim to collect 1 million pairs of jeans by 2023.
The US secondhand retailer has, reportedly, said that it has processed more than 125 million unique secondhand items from 35,000 brands across 100 categories since 2018.
Reportedly, Remix has built custom ‘single-SKU’ logistics that can process millions of unique apparels efficiently, and ThredUp now aims at investing in Remix’s product offerings, processing infrastructure and go-to-market strategy to speed up its growth.
Founded in 2009, ThredUp has been successfully selling secondhand clothes online.