thredUp announces $63.3 million Q3 revenue as resale market continue to grow
Fashion resale platform thredUp set an all-time quarterly revenue record despite recent supply chain issues dogging the industry.
The California-based company posted $63.3 million over the third quarter of 2021, which represented a 35% growth over last year.
In the third quarter, thredUp received 1.3 million orders, up 28% from the previous-year period, while the platform’s active buyers grew to 1.4 million, up 14% year over year.
James Reinhart, CEO and Co-founder of thredUp said in a statement: "Third-quarter marked another quarter of exceptional financial performance, with our platform demonstrating strong resilience amidst headwinds posed by the pandemic.
"Supply continues to appear endless, demand for secondhand is increasing with more first-time buyers trying thredUp, and we’re doubling down on infrastructure investments so we can continue providing our buyers with a vast and ever-changing selection of great brands at great prices."
Despite its record performance, the company posted a widened net loss of $14.7 million in the period, compared to a loss of $11.0 million in the third quarter of 2020.
ThredUp has been expanding its Resale-as-a-Service (RaaS) portfolio, having announced recent partnerships with Adidas, Crocs and Michael Stars. The platform also broaden their existing partnership with Madewell through the collaborative launch of “A Circular Store” in Brooklyn, New York. In addition, the company has supported its international expansion efforts with a strategic investment in Latin American resale marketplace Vopero.
In early October, thredUp closed its acquisition of Bulgarian second-hand platform Remix, a transaction which marks the company’s official entry into Europe.
Reinhart added: "thredUP is thrilled to bring our proprietary resale infrastructure and technology to Remix. We’re starting to integrate our proprietary software and systems into their existing operating platform and believe this will elevate the resale experience for buyers and sellers in Central and Eastern Europe."
Looking ahead, the company expects its revenue to total between $69 million and $71 million. For the full fiscal year, the company predicts that its revenue will be in the range of $248 million to $250 million.