Clothing reseller thredUP saw double-digit percentage increases in the number of orders and buyers on its platform during the second quarter.
The company had 1.7 million active buyers and 1.7 million orders during the quarter, which represented respective year-over-year growth of 29% and 40%, according to a Monday (Aug. 15) press release. Revenue for the quarter was $76.4 million, representing 27% growth since the second quarter of 2021.
“As our consumer is faced with an uncertain economic environment and rising costs, we are focused on the variables within our control,” Co-Founder and CEO James Reinhart said in the release. “We believe our model is uniquely positioned to weather macroeconomic volatility and are confident that as we re-evaluate our cost base, we can make progress toward profitability and continue to strengthen our position in the growing resale market.”
The company, which expects the clothing resale market to double over the next four years, has seen its stock fall by 86% in the last year.
The release also touted thredUP’s recent partnerships with high-profile clothing brands, most recently its collaboration with Tommy Hilfiger, announced last week.
The program, known as “360-resale,” lets consumers based in the United States use prepaid shipping labels to send women’s and children’s clothing from any brand — along with men’s items from Tommy Hilfiger to thredUP. In return, those shoppers get Tommy Hilfiger shopping credit for any items that thredUP chooses for resale.
thredUP launched a similar partnership with Target in April and is also engaged in Resale-as-a-Service partnerships with PacSun, Bernardo, Ozma, and Oak + Fort.
Several retailers have recently moved to grow secondhand sales of their branded clothing at a time when rising prices and reduced buying power have consumers more prepared to seek out bargains.
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