ThredUp posts 35% rise in revenue
Online fashion resale platform ThreUp Inc. achieved revenues of $63.3 million in the third quarter of 2021, an increase of 35% when compared to the $46.9 million reported by the Oakland, California-based company in the same period in the previous year.
In the third quarter ended September 30, 2021, ThredUp saw 1.3 million orders, up 28% from the prior-year period, while the platform’s active buyers totaled 1.4 million, increasing 14% year over year.
Despite this progress, the company did post a widened net loss of $14.7 million in the period, compared to a loss of $11.0 million in Q3 2020.
“Third-quarter marked another quarter of exceptional financial performance, with our platform demonstrating strong resilience amidst headwinds posed by the pandemic,” said ThredUp CEO and co-founder James Reinhart in a release. “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.”
Year to date, ThredUp has achieved revenue of $178.9 million, up 26% compared to the same nine-month period in the previous year. Net loss at the company is $45.3 million, compared to $30.9 million a year ago.
Since the end of the third quarter, ThredUp has closed its acquisition of Bulgarian second-hand platform Remix, a transaction which marks the company’s official entry into Europe. Elsewhere, the company has supported its international expansion efforts with a strategic investment in Latin American resale marketplace Vopero.
In addition, ThredUp has been growing its Resale-as-a-Service (RaaS) portfolio, having recently announced the launch of new RaaS programs with Adidas, Crocs and Michael Stars. The company has also developed its existing partnership with Madewell through the collaborative launch of “A Circular Store” in New York.
Looking to the future, ThredUp currently 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 $238 million to $250 million.
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