ThredUp Inc. announced the initial phase of its international expansion by entering into a definitive agreement to acquire Remix Global AD. Located in Sofia, Bulgaria, Remix is part of the Electronic Shopping and Mail-Order Houses Industry.
The acquisition will accelerate thredUp’s growth plans in Europe where the secondhand market was estimated to be “$21 billion in 2020 and is expected to grow to $39 billion by 2025,” said the brand. The news comes on the heels of “strong domestic growth” said the brand and Resale-as-a-Service (RaaS) expansion, including new deals with Vera Bradley, Farfetch, LG, and Madewell.
Much like thredUP’s proprietary operating platform, Remix has built custom single SKU logistics that can process “millions of unique garments efficiently.” With this acquisition, thredUP adds a complementary operational infrastructure and an experienced management team to springboard its expansion into Europe.
ThredUP plans to invest in Remix’s product offerings, processing infrastructure and go-to-market strategy to accelerate its marketplace growth. Remix will operate as an independent business unit under the thredUP umbrella led by CEO Lyubomir Klenov. Klenov will lead thredUP’s European expansion efforts as it continues to build its presence across other key markets.
The Remix acquisition also allows thredUP the potential to extend its RaaS platform outside the U.S., enabling brands and retailers to “deliver customized resale experiences to their customers in Europe.”
“Lyubomir and his team have built a strong, lean, customer-first business, and they know how to deliver resale operationally across multiple markets in Europe,” said James Reinhart, co-founder and CEO, thredUP. “We’re bullish about the massive opportunity in the European resale market and are thrilled about the chance to build on Remix’s technology and operational expertise to help accelerate its growth.”
“We’ve long admired thredUP’s leadership in the United States and their dedication to building a mission-driven company that makes it easy to buy and sell secondhand,” said Lyubomir Klenov, CEO, Remix. “Together, I believe we can build upon Remix’s core operational engine, technology and logistics to bring that scalable experience to the European market where resale has only scratched the surface.”
The acquisition is expected to close during the fourth quarter of 2021.
Photo courtesy Remix
