Published By : 10 Sep 2015 | Published By : QYRESEARCH
The U.S.-based online marketplace for kids and women clothing, thredUP, has announced that it has received a US$81 million investment from Goldman Sachs Investment Partners (GSIP).
With this series E investment, (GSIP) has enabled thredUP to maintain its rapid growth rate and scale up its operations as well as spread its distribution network in order to meet customer demand. thredUP is giving a new meaning to buying and selling second-hand clothes on the Internet, thanks to its expanding penetration.
Mr. James Reinhart, the co-founder and the CEO of thredUP, stated that they have founded thredUP to make it convenient for customers to transform their wardrobe and purchase for quality second-hand clothes. They saw a huge opportunity in rising Internet penetration and the increasing interest of consumer in shopping for quality second hand clothes online.
A similar trend as purchasing used cars and second-hand electronics is emerging in the global apparel industry, and thredUP is making the rules for what will be a huge section in online clothing market in the future.
thredUP has witnessed extensive development in the previous year with over 1.8 million people coming to the website in August 2015, which is far up from just 700,000 in 2014. The firm anticipates to process over 2 million items of clothing every month by the end of 2016.
thredUP has recently opened a unit of 136,000 square foot in Pennsylvania and by 2016, it plans to open 2 more high-throughput units and hire an additional workforce of 1,000 employees. This expanded network will be added to ensure the high-quality service to be provided by thredUP