ThredUp, Inc., the online reseller of apparel, shoes and accessories, announced today that it entered into a binding agreement to divest its European business, Remix, in a management buyout led by Florin Filote, the general manager of Remix.
The divestiture closed with the signing of the agreement.
ThredUp retains a minority interest in the Remix business. Before the close of the transaction, Remix received a final cash investment of $2 million from ThredUp to fund operations as it continues to fundraise independently. This transaction will allow both companies to focus on their core markets and strengths.
“This is a mutually beneficial outcome for both ThredUp and Remix,” said ThredUp Co-Founder and CEO James Reinhart. “We are confident that Remix will thrive under Florin Filote’s leadership and the team’s expertise. This transaction will allow ThredUp to focus on our core U.S. business and continue to innovate and evolve our marketplace.”
“We are excited to embark on this new chapter as an independent company,“ said Florin Filote, general manager of Remix. “We have a strong foundation and a talented team, and we are committed to continuing to provide our customers with a best-in-class resale experience. We believe that this transaction will enable us to accelerate our growth and expand our presence in the European market.”
Further transaction details, including unaudited pro forma financial information, will be included in a Current Report on Form 8-K that ThredUp will file with the Securities and Exchange Commission.
ThredUp has reported processing over “200 million unique secondhand items from 60,000 brands across 100 categories.” By extending the life cycle of clothing, “ThredUp is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.”
Image courtesy ThredUp/ali Shot80
