ThredUp fashion marketplace offloads its European business, Remix
Fashion resale marketplace ThredUp divests its European business to focus on its core U.S. market.
European Divestment
ThredUp expanded into Europe in 2021 with the acquisition of Remix, a Bulgarian startup operating in Central and Eastern Europe.
Remix Acquisition
Remix's general manager Florin Filote is leading a management buyout of the European business for €1, with ThredUp retaining a 9% stake and a €61.6 million convertible note.
Management Buyout
ThredUp says the divestment will allow it to focus on its core U.S. business and continue to innovate its marketplace.
Strategic Shift