ThredUp Inc. has filed for an initial public offering, the latest retailer trying to capitalize on generational shifts towards online sales and second-hand goods.
The Oakland, Calif., Company, which sells second-hand clothing and accessories online, had confidentially filed a public offering in January.
Thredup has registered to sell $ 100 million in stock, although this is often a placeholder used to calculate filing fees. Underwriters included Goldman Sachs and Morgan Stanley.
ThredUp’s listed revenue of $ 186 million in 2020, up 14% year-over-year. Net losses reached $ 47.9 million in 2020, up from $ 38.2 million in 2019, he said.
In its prospectus, ThredUP said it had 1.24 million active buyers and 428,000 active sellers at the end of December; the number of buyers increased by 24% and the number of sellers by 4% compared to December 2019.
The pandemic has accelerated trends in online sales, and growing environmental concerns have fueled resale growth.
Read: The switch to savings: COVID-19 propels an already booming thrift market
“We believe we are in the early stages of capitalizing on a significant and growing market opportunity in second-hand clothing,” the company said on the record. “Each year, more and more Millennials and Gen Z consumers are driving the switch to the occasion. As these consumers mature, generate more disposable income and become a larger part of the consumer wallet, we expect the opportunity to seize it. “
ThredUp joins several other recently publicized digital resellers including Poshmark Inc. POSH,
who announced plans to enter the pet market last month, and parent of the Wish app, ContextLogic Inc. WISH,