ThredUp enters binding agreement to divest its European business, Remix

Online fashion resale marketplace ThredUp has revealed that today it entered into a legally binding deal to divest its European business, Remix, in a management buyout led by the general manager of Remix, Florin Filote.

The divestiture was finalized at the same time the agreement was signed. According to the agreement, ThredUp retains a minority stake in Remix and, before the transaction closed, provided a final 2 million dollar cash investment to support Remix’s operations as it pursues independent fundraising. The strategic move enables both ThredUp and Remix to concentrate on their core markets and strengths . “This is a mutually beneficial outcome for both ThredUp and Remix,” said James Reinhart, ThredUp co-founder and CEO, in a statement. “We are confident that Remix will thrive under Florin Filote’s leadership and the team’s expertise. This transaction will allow ThredUp to focus on our core US business and continue to innovate and evolve our marketplace.”

“We are excited to embark on this new chapter as an independent company,” said Florin Filote, general manager of Remix, in a statement. “We have a strong foundation and a talented team, and we are committed to continuing to provide our customers with a best-in-class resale experience. We believe that this transaction will enable us to accelerate our growth and expand our presence in the European market.”