ThredUp (TDUP) Completes Divestiture of European Business

ThredUp Inc. (Nasdaq: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, announced today that it entered into a binding agreement to divest its European business, Remix, in a management buyout led by Florin Filote, the General Manager of Remix. The divestiture closed simultaneously with the signing of the agreement. ThredUp retains a minority interest in the Remix business and prior to the closing of the transaction, Remix received a final cash investment of $2 million from ThredUp to help fund operations as Remix continues its fundraising process independently. This strategic transaction allows both ThredUp and Remix to focus on their respective core markets and strengths.

“This is a mutually beneficial outcome for both ThredUp and Remix,” said ThredUp Co-Founder and CEO James Reinhart. “We are confident that Remix will thrive under Florin Filote’s leadership and the team’s expertise. This transaction will allow ThredUp to focus on our core U.S. business and continue to innovate and evolve our marketplace.”

“We are excited to embark on this new chapter as an independent company,” said Florin Filote, General Manager of Remix. “We have a strong foundation and a talented team, and we are committed to continuing to provide our customers with a best-in-class resale experience. We believe that this transaction will enable us to accelerate our growth and expand our presence in the European market.”

Further details of the transaction, including unaudited pro forma financial information, will be included in a Current Report on Form 8-K that the Company will file with the Securities and Exchange Commission.

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