ThredUp has unveiled a new platform and $175 million in funding as the resale trend accelerates by
ThredUp announced today a new platform called Resale-As-A-Service that will allow retailers to partner with the company.Even as the retail industry has slumped, dragged down by disappointing earnings and an unending trade war, resale is exploding. With the $24 billion secondhand market looking more and more enticing to hard-up traditional retailers, no small number of them began to court the fashion resale marketplace ThredUp over the last year, CEO and cofounder James Reinhart says.
In pilots of Resale-As-A-Service, Reinhart says, the loyalty program has proved the most popular of the three options. In that model, when shoppers purchase an item from a ThredUp partner, they are sent a co-branded “clean out kit”—the bag that ThredUp sellers use to send items to be resold. But instead of receiving cash, as they would in a direct transaction with ThredUp, sellers in the loyalty program get credit to the partner retailer.
Both have been struggling of late. Macy’s shares fell 13% after it announced its second-quarter earnings on August 14; shares are down another 9% since. JCPenney’s results were grim, too, and it’s at risk of being delisted from the New York Stock Exchange with shares hovering around $0.60.
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