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Thread up maternity1/9/2024 Sellers love thredUP because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. By making it easy to buy and sell secondhand, thredUP has become one of the world's largest resale platforms for women's and kids' apparel, shoes and accessories. ThredUP is transforming resale with technology and a mission to inspire a new generation of consumers to think secondhand first. *GlobalData 2021 Market Sizing and Growth Estimates for European Demand-Side Secondhand Market Goodwin Procter LLP and Kinstellar are acting as legal advisors to thredUP. Total revenue for Remix in calendar year 2020 was $33.9 million, and thredUP expects the acquisition to be accretive to its total revenue, dilutive to its gross margin and modestly accretive to its Adjusted EBITDA in the near term. The consideration is expected to be approximately $28.5 million, subject to customary purchase price adjustments, and upon the closing thredUP will also grant the Remix management team $6.5 million in restricted stock units to vest over four years. The acquisition is expected to close during the fourth quarter of 2021 and is subject to customary closing conditions and other deal specific closing conditions. "Together, I believe we can build upon Remix's core operational engine, technology, and logistics to bring that scalable experience to the European market, where resale has only scratched the surface." "We've long admired thredUP's leadership in the United States and their dedication to building a mission-driven company that makes it easy to buy and sell secondhand," said Lyubomir Klenov, CEO of Remix. "We're bullish about the massive opportunity in the European resale market and are thrilled about the chance to build on Remix's technology and operational expertise to help accelerate its growth." "Lyubomir and his team have built a strong, lean, customer-first business, and they know how to deliver resale operationally across multiple markets in Europe," said James Reinhart, Co-Founder and CEO at thredUP. A number of the world's leading brands and retailers already rely on thredUP's RaaS ® platform to power their resale channels, and European expansion opens doors to potential future growth. The Remix acquisition also allows thredUP the potential to extend its RaaS ® platform beyond the United States, enabling brands and retailers to deliver customized resale experiences to their customers in Europe. Klenov will lead thredUP's European expansion efforts as it continues to build out its presence across other key markets. Remix will operate as an independent business unit under the thredUP umbrella, led by CEO Lyubomir Klenov. thredUP plans to invest in Remix's product offerings, processing infrastructure, and go-to-market strategy to accelerate its marketplace growth. With this acquisition, thredUP adds a complementary operational infrastructure and an experienced management team to springboard its expansion into Europe. Much like thredUP's own proprietary operating platform, Remix has built custom 'single-SKU' logistics that can process millions of unique garments efficiently. The acquisition will accelerate thredUP's growth plans in Europe.
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