ThredUp Inc. reports developments across its online resale marketplace for apparel, shoes and accessories. Company news commonly centers on quarterly results, gross margin, active buyers, orders and cash balances, along with updates to full-year financial outlooks. Its operating model includes a managed marketplace supported by processing infrastructure, proprietary software, systems and data science.
Updates also cover Resale-as-a-Service, the company’s platform for brands and retailers offering resale experiences, and the Universal Recommerce Layer. ThredUp also publishes resale market research and announces governance changes tied to board and audit committee oversight.
ThredUp (Nasdaq: TDUP, LTSE: TDUP), a leading online resale platform for apparel, shoes, and accessories, has announced its participation in the 27th Annual Needham Growth Conference. CEO and co-founder James Reinhart and CFO Sean Sobers will represent the company at the event, scheduled for Wednesday, January 15, 2025, from 12:00 PM to 12:40 PM PT (3:00 PM - 3:40 PM ET).
The presentation will be accessible through a live webcast on ThredUp's investor website, with a replay available for 30 days after the event.
ThredUp (Nasdaq: TDUP, LTSE: TDUP), a major online resale platform, announced the divestiture of its European business, Remix, through a management buyout led by Florin Filote, Remix's General Manager. ThredUp retains a minority interest in Remix and provided a final cash investment of $2 million to support operations. This strategic move enables ThredUp to concentrate on its core U.S. market while Remix focuses on growth in Europe. ThredUp CEO James Reinhart expressed confidence in Remix's future under Filote's leadership. Details of the transaction will be disclosed in a Form 8-K filing with the SEC.
ThredUp (NASDAQ: TDUP) has appointed Danielle Vermeer as Head of Social Commerce, effective January 2025. Vermeer, currently CEO of social commerce app Teleport, brings over 13 years of experience in ecommerce, fashion tech, and resale. In her new role, she will focus on making resale more engaging and accessible through innovative shopping experiences. Prior to Teleport, Vermeer led Amazon Fashion's luxury resale product launch. As part of this transition, Teleport will cease operations in late November 2024, with its users receiving exclusive ThredUp discounts.
ThredUp (TDUP) reported Q3 2024 results with total revenue of $73.0 million, down 11% year-over-year. U.S. revenue was $61.5 million, declining 10%. Gross margin improved to 71.2% from 69.0% in Q3 2023. Net loss widened to $24.8 million, including a $9.8 million impairment related to European operations. Active Buyers decreased 7% to 1.632 million, while Orders fell 14% to 1.553 million. The company signed a non-binding term sheet for a management buyout of its European business and raised Q4 and FY 2024 guidance for U.S. operations.
ThredUp (NASDAQ: TDUP, LTSE: TDUP), a leading online resale platform for apparel, shoes, and accessories, has announced the release date for its third quarter 2024 financial results. The company will disclose its financial performance for the quarter ending September 30, 2024, on Monday, November 4, 2024, after U.S. markets close. Following the release, ThredUp will host a conference call and live webcast at 1:30 p.m. PT / 4:30 p.m. ET on the same day. Investors and interested parties can access the live and archived webcast, along with all related earnings materials, on ThredUp's investor relations website at ir.thredup.com/news-events/events-and-presentations.
ThredUp (TDUP) reported Q2 2024 results with revenue of $79.8 million, down 4% year-over-year. The company saw a gross margin of 70.4% and a 1% increase in gross profit. Active Buyers and Orders decreased by 3% and 6% respectively. ThredUp is evaluating strategic alternatives for its European business and plans to exit the European market. The company launched AI-powered search features to enhance the shopping experience. Despite challenges, ThredUp aims to focus on improving product experience, unit economics, and operational efficiency. The company provided guidance for Q3, Q4, and updated FY 2024 for both consolidated and U.S. operations, expecting improved performance as it transitions to a U.S.-only business.
ThredUp, a leading online resale platform, has launched a suite of AI-powered shopping tools to enhance the customer experience. The new features include:
1. Improved Search: Allows natural language queries for specific items.
2. Image Search: Enables finding similar items by uploading photos.
3. Style Chat: An AI chatbot that creates complete outfits based on prompts.
These tools aim to make ThredUp's marketplace of over four million items more personalized and accessible. CEO James Reinhart emphasized that AI technology is accelerating their mission to change how consumers shop sustainably. The new features are now available to all customers on ThredUp.com.
ThredUp (NASDAQ: TDUP, LTSE: TDUP), a leading online resale platform, has released its third annual Impact Report for 2023, showcasing its progress in environmental, social, and governance (ESG) initiatives. Key highlights include:
- Recirculated 2.2 million secondhand items through Resale-as-a-Service (RaaS)
- Diverted 100% of unsold items from landfills
- Recycled 111,000 pounds of Clean Out bags into decking products
- Workforce diversity: 73% minorities, 73% female, 59% Black or Latinx
- Board diversity: 44% female, 22% racial minorities
- Donated $64,000 through employee-led social impact organization
ThredUp's ESG strategy focuses on 12 key areas identified through a materiality assessment, demonstrating its commitment to sustainability and circular fashion.
ThredUp (NASDAQ: TDUP, LTSE: TDUP) announced it will release financial results for Q2 2024 on August 5, 2024, after U.S. market close. A conference call and live webcast are scheduled for the same day at 1:30 p.m. PT / 4:30 p.m. ET. Investors can access the live and archived webcast along with all earnings materials on ThredUp's investor relations website.
ThredUp (NASDAQ: TDUP), a leading online resale platform for apparel, shoes, and accessories, has appointed Noam Paransky to its Board of Directors. Paransky, Chief Omni and Innovation Officer at Tapestry (NYSE: TPR), brings over 25 years of experience in digital retail innovation. His expertise in omnichannel strategy is set to guide ThredUp as it transitions from a legacy resale marketplace to an AI-powered platform. ThredUp CEO James Reinhart emphasized that Paransky's appointment aligns with the company's focus on leveraging technology to enhance the customer experience in the rapidly evolving resale market.