SAN FRANCISCO, April 29, 2013 /PRNewswire/ -- thredUP.com, the most trusted online marketplace for buying and selling "practically new" children's apparel, today announces an expansion into women's clothing. Leveraging $23M in funding from the nation's top investors, this move marks yet another step in the company's mission to reinvent the $30B+ used clothing industry in America.
Studies show that women only wear 20% of their wardrobe and spend more than $1,000 each year buying new clothing. Starting today, women can find value in the remaining 80% of the items they no longer wear by sending bags of quality clothing to thredUP, earning cash without leaving the house, and buying the clothing brands they love at up to 80% off retail prices. Following its private beta, thredUP already has tens of thousands of women's items available from more than 1,000 brands and a broad range of categories.
thredUP's launch into women's apparel follows a year of tremendous growth for the site. Over the past 12 months, thredUP has built a first-of-its kind online resale model, delivering a level of convenience, quality and selection never-before-seen in used clothing. The team pioneered the "Clean Out Bag" concept back in 2011 and has already resold nearly 500,000 item of children's clothing. thredUP now employs more than 150 people.
"Despite a decade of e-commerce growth, and a surge in mobile device usage, there has been little innovation in second-hand markets. A full 16 years after eBay launched, consumers are still largely buying and selling used goods like they did back in 1997. It's not just about making it a little bit easier for folks to buy and sell, it's about radically changing the game," says James Reinhart, CEO of thredUP.
thredUP is reinventing the online used apparel category by stepping in as a trusted intermediary between buyers and sellers, eliminating friction and quality risks. Instead of tediously selling items one by one and waiting for a buyer, sellers ship prepaid bags of clothing directly to thredUP, and receive payment for those items. Buyers shop with confidence, knowing that thredUP has employed trained Quality Specialists to inspect and certify that every item is in "practically new" condition. What 'certified pre-owned' did for the car industry, and 'refurbished' did for electronics, thredUP is doing for apparel.
thredUP will continue to focus on personalization, improved visual merchandising, and growing inventory. The company also plans to continue scaling operations, which is already putting a new item online every 20 seconds (the equivalent of launching a new GAP retail store every day), and venture into additional apparel verticals such as Maternity, Juniors and Men.
thredUP is the nation's most trusted online marketplace for buying and selling "practically new" clothing. Based in San Francisco, thredUP was founded by James Reinhart, Oliver Lubin and Chris Homer. The company is advised by current Netflix CEO Reed Hastings, former eBay COO, Brian Sweete and backed by world-class investors.