ThredUp, the renowned US secondhand clothing platform, has seen its total Q1 revenue go up by an impressive 31 per cent.
The online resale platform’s total revenues clocked US $ 72.7 million for the first quarter that ended 31 March 2022.
Category-wise, the resale platform saw its consignment revenue touch US $ 47.4 million, with the product revenue totalling US $ 25.3 million.
Net losses, during the said quarter, narrowed down to US $ 20.7 million, while the same was US $ 16.2 million in the same period a year back.
The quarter also saw ThredUp continue with its efforts to expand its RaaS (Retail-as-a-Service) programme to new clients, besides expanding its its Madewell relationship into extended categories, increasing listings by 500 per cent.
Moving forward, ThredUp expects its full-year revenue to be in the range of US $ 315 million and US $ 325 million.
Founded in 2009, ThredUp has been successfully selling secondhand clothes online.
Also Read: Second-hand clothing platform ThredUp reports 26.7% growth in Q2 revenue
