ThredUp divests its European business
The US-based online platform has sold European business Remix in a management buyout, enabling both companies to prioritise market strengths and drive targeted growth under separate leadership
ThredUp, a leading online resale platform, announced the divestiture of its European business, Remix, through a management buyout led by its General Manager, Florin Filote.
The transaction allows both ThredUp and Remix to sharpen their focus on core markets and operational strengths. ThredUp retained a minority stake in Remix, alongside a final cash investment of 2 million US dollars provided to support the European business as it pursues independent fundraising efforts.
“This is a mutually beneficial outcome for both ThredUp and Remix. We are confident that Remix will thrive under Florin Filote’s leadership and the team’s expertise. This transaction will allow ThredUp to focus on our core US business and continue to innovate and evolve our marketplace”, commented James Reinhart, Chief Executive Officer at ThredUp.
Filote expressed optimism about the new chapter, emphasising Remix's commitment to delivering exceptional resale experiences and expanding its European market presence. The management team views this transition as an opportunity to accelerate growth while building on Remix's existing foundation.
Additional transaction details will be disclosed in a forthcoming regulatory filing with the Securities and Exchange Commission.
Image Credits: newsroom.thredup.com
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