Second-hand fashion platform Thredup leaves Europe

Second-hand platform Thredup is calling it quits in Europe. The company has announced it is withdrawing from the market, according to a statement.

ThredUp, Inc. says it is considering “strategic alternatives” for its European arm. The move is notable given that ThredUp hired a new general manager for Europe in May. The platform entered the European market in 2021. Last May, it was announced that the market had seen growth for ThredUp,

“While this quarter was challenging in both the U.S. and Europe, we emerged with a renewed focus,” ThredUp CEO and co-founder James Reinhart said in the statement. “Looking ahead, we plan to enhance our product experience through gen-AI, improve our unit costs, and drive process improvements across our operations. As we transition back to being a U.S.-only company, we expect to grow faster, with structurally higher gross margins, positive adjusted EBITDA and free cash flow.”

This article was originally published on FashionUnited.NL, translated and edited to English.