NEW YORK (Reuters) – Online resale store thredUP said on Wednesday it received $175 million in funding which it will use to expand its platform to offer resale clothing services to retailers.
Last week, the department store chains J.C. Penney Company Inc (JCP.N) and Macy’s Inc (M.N) announced partnerships with San Francisco-based thredUP intended to lure younger, more environmentally conscious shoppers into stores and to provide retailers fresh inventory of secondhand clothing and accessories.
They are among legacy retailers who have faced fierce competition from online giants like Amazon.com Inc (AMZN.O) and discount retailers like TJX Cos Inc’s (TJX.N) Marshalls and T.J. Maxx chains.
thredUP Chief Executive James Reinhart told Reuters the roughly 10-year-old company is in “active conversations” with “dozens of retailers” about how they can help them tap into a $24 billion apparel resale market.
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