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ThredUp fashion marketplace offloads its European business, Remix
Fashion resale marketplace ThredUp has divested its European business to focus on its core domestic U.S. market.
ThredUp expanded into Europe in 2021 with the acquisition of Remix, a Bulgarian startup that operates across a handful of central and eastern European markets. As with many startups that went public during that period, ThredUp hasn’t enjoyed a great time of it, with its market cap dropping from a$1.3 billion valuation at its IPO, to a low of just $60 million last month. In a filing with the Securities and Exchange Commission (SEC) today, ThredUp confirmed some of the details of the transaction, revealing that Filote paid just €1 (one euro) for 91% of the common stock in a new entity called Remix US Holdings.
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