Tallinn-based second-hand fashion retailer Upty has expanded its reach by acquiring Finnish competitor Rekki. On Monday, the company also announced that it intends to raise funds for further international expansion in the coming months as part of a financing round.
Upty CEO Sergei Brek explained the goals that the online marketplace operator is pursuing with the acquisition: “By including an established e-commerce company like Rekki on the rapidly growing Upty platform, a serious player in the circular economy is created, not only in the regions where we currently operate, but across Europe as eco-friendly fashion practices become more important in the market,” he said in a statement.
According to its own statements, the company, founded in November 2020, is already “the leading e-store for resale in the Baltic region”. By purchasing Rekki, Upty was able to significantly strengthen the international presence of the online platform. The next growth steps are already planned: The company wants to expand to Germany in 2022, and market entry in Poland, the Czech Republic, the Netherlands and Sweden is planned for the next two years.