ThredUp, the popular online fashion resale platform, has released its third-quarter financial results, showcasing a robust performance. The company generated revenues of $63.3 million, indicating a significant 35% growth compared to the same period last year. However, ThredUp also experienced a widened net loss of $14.7 million during Q3 2021.

In the third quarter, ThredUp observed a notable surge in orders, with a total of 1.3 million compared to the previous year. Additionally, the platform’s active buyers increased by 14% year over year, reaching 1.4 million. These figures highlight a growing demand for secondhand fashion and an expanding customer base.

James Reinhart, CEO and co-founder of ThredUp, expressed his satisfaction with the company’s financial achievements, particularly amidst the challenges posed by the COVID-19 pandemic. Reinhart emphasized that the supply of secondhand fashion is limitless, and more first-time buyers are embracing ThredUp. To meet this rising demand, ThredUp plans to invest in infrastructure and continue offering a wide range of popular brands at affordable prices.

Year to date, ThredUp has generated $178.9 million in revenue, representing a substantial 26% increase compared to the same nine-month period last year. However, the net loss for the year stands at $45.3 million, surpassing the previous year’s figure of $30.9 million.

Aligned with its growth strategy, ThredUp has made strategic moves to expand its presence internationally. The company recently finalized its acquisition of Remix, a second-hand platform based in Bulgaria, marking ThredUp’s entry into the European market. Additionally, ThredUp has invested in Vopero, a Latin American resale marketplace, to drive its expansion efforts in the region.

Furthermore, ThredUp has prioritized its Resale-as-a-Service (RaaS) portfolio. The company has established partnerships with renowned brands such as Adidas, Crocs, and Michael Stars to launch innovative RaaS programs. These initiatives enable the brands to participate in the rapidly growing resale market. ThredUp has also strengthened its collaboration with Madewell through the introduction of “A Circular Store” in New York.

Looking ahead, ThredUp is optimistic about its financial prospects. The company forecasts revenue in the range of $69 million to $71 million for the current quarter, and between $238 million and $250 million for the full fiscal year. These projections demonstrate ThredUp’s confidence in its ability to sustain its growth trajectory and leverage the increasing demand for sustainable fashion options.

ThredUp’s recent financial results serve as a testament to its strong position within the fashion resale market. With its expanding customer base, international expansion endeavors, and focus on innovative resale programs, the company is poised to continue its success and lead the way in the flourishing resale industry.

Sources:
– ThredUp Q3 2021 Financial Results: ThredUp Q3 2021 Financial Results
– ThredUp Expansion Efforts: ThredUp Expansion Efforts