The US e-commerce group ThredUp Inc. has separated from its European business.
The operator of the eponymous resale platform for clothing, shoes and accessories announced on Tuesday that the previous subsidiary Remix, which bundles ThredUp’s business activities in Europe, will be acquired as part of a management buyout by the existing management team led by General Manager Florin Filote was taken over.
ThredUp therefore retained a minority stake in the company, which operates second-hand platforms in several Central and Eastern European countries. The “strategic transaction” now gave ThredUp and Remix “the opportunity to concentrate on their respective core markets,” according to a statement.
ThredUp expanded into Europe in 2021 through the acquisition of Remix
Before the separation, Remix received a final investment of two million US dollars from the former parent company to finance business operations, ThredUp said. Remix will now continue its fundraising efforts independently.
“This solution is equally beneficial for ThredUp and Remix,” said James Reinhart, co-founder and CEO of ThredUp, in a statement. “We are confident that Remix will be successful thanks to the expertise of the team led by Florin Filote. This transaction allows ThredUp to fully focus on our core business in the US and further advance the innovation and development of our platform.”
ThredUp acquired Bulgaria-based second-hand fashion retailer Remix Global AD in 2021 to provide a “springboard for expansion in Europe”. In May, the experienced e-commerce expert Filote was appointed head of the European business.