The resale platform announced on Monday that it will acquire European resale company Remix Global AD (Remix) for $28.5 million to tap into the secondhand market in Europe — which is expected to grow to $39 billion by 2025, according to Thredup. With this acquisition, which is expected to close by the end of 2021, Thredup will build up its operational infrastructure and management team to further expand into Europe.
Thredup also plans to invest in the European resale company’s product offering, processing infrastructure and go-to-market strategy to encourage growth. Remix will operate as an independent business under the Thredup umbrella and its chief executive, Lyubomir Klenov, will remain in his role.
The resale platform has had a big year: Beyond filing for IPO in March, Thredup also recently partnered with Farfetch — where customers can thrift their old clothes for Farfetch store credit and at least 50 percent of the sale will go to charity.
The online luxury marketplace said it is partnering with the US-based resale platform to help customers thrift their old clothes for charity and store credit.