ThredUp Inc., a major online resale platform for apparel, shoes, and accessories, has sold its European subsidiary business, Remix, in a management-led buyout.
The transaction, led by Remix general manager Florin Filote, closed simultaneously with the signing of the agreement. As part of the deal, ThredUp retains a minority stake in Remix and made a final $2 million cash investment to support its operations as the company pursues independent fundraising efforts.
ThredUp is No. 851 in the Top 1000 Database. The database is Digital Commerce 360’s ranking of North America’s largest online retailers by their annual ecommerce sales.
ThredUp sells European business
The company also released preliminary unaudited financial results for its fiscal Q4 ending Dec. 31, 2024. It expects sales to range between $66.7 million and $67.2 million.
“I am encouraged by our preliminary fourth-quarter results that exceeded all elements of our guidance and marked a return to solid growth in our core business,” said ThredUp cofounder and CEO James Reinhart. “The exclusive focus on our U.S. business, along with the growing impact of AI-driven enhancements to our product experience, helped accelerate momentum throughout the quarter. At the same time, leveraging years of infrastructure and marketplace investments drove higher margins. We look forward to sustaining this momentum as we turn the page to 2025.”
Reinhart described the Remix transaction as strategically significant.
“This is a mutually beneficial outcome for both ThredUp and Remix,” Reinhart said. “We are confident that Remix will thrive under Florin Filote’s leadership. This transaction allows ThredUp to focus on our core U.S. business and continue to innovate our marketplace.”
Filote expressed confidence about Remix’s future as an independent entity.
“We have a strong foundation and a talented team, and we are committed to providing a best-in-class resale experience,” he said. “This transaction will enable us to accelerate growth and expand in the European market.”
ThredUp operates a large online resale platforms. The company has processed over 200 million unique items from 60,000 brands, helping extend the lifecycle of clothing and fostering more sustainable shopping practices.
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