Pre-Owned Clothing Startup ThredUp Raises $ 175 million
ThredUp, which calls itself the “world’s largest fashion resale marketplace,” has now raised a total of $ 306.1 million.
ThredUp has just closed its latest round of funding. Park West Asset Management and Irving Investors led this latest round. The company revealed that it had previously received another $ 75 million investment, but had not disclosed it.
ThredUp partnering with JCPenney and Macy’s
The company announced that it had recently tied up with JCPenney to sell second-hand clothing and accessories at 30 JCPenney stores.
As of the beginning of this month, ThredUp has also made its merchandise available at 14 Macy’s locations.
Resale as a service and distribution centers
The recent funding allows the firm to launch its “resale-as-a-service.” Customers can buy preowned merchandise of various retailers and brands at stores and on websites.
These stores could become collection centers for used clothing. In addition, customers can turn in discarded clothes and receive shopping credits.
“We can do what we do best, which is resale, and they can do what they do best, which is engaging the customer in a physical format,” said CEO James Reinhart when speaking to Business Insider.
Additionally, the company will further expand its distribution centers which are already processing about 100,000 items of clothing every day.
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