The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Online second-hand apparel retailer ThredUp Inc. on Wednesday reported a 15.2 percent jump in quarterly revenue in its first report as a public company, driven by demand from penny-pinching and environmentally-conscious young shoppers.
Gen-Z and millennial consumers are increasingly looking past the stigma of buying used products, concentrating instead on the deals to be had on what otherwise would have been pricey apparel, accessories and shoes.
ThredUp, which sells products for women and kids, has also benefited from the younger generation growing more conscious of sustainability and reducing waste.
Total revenue rose to $55.7 million in the first quarter ended March 31, from $48.3 million a year earlier.
ADVERTISEMENT
The company forecast second-quarter revenue of $53 million to $55 million and full-year revenue of $223 million to $229 million.
By Uday Sampath; Editing by Sriraj Kalluvila
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.