What's going on with TDUP?
ThredUp (TDUP) stock surged today after the online resale site, which contains one of the largest platforms for women's and kids' apparel, shoes, and accessories, announced today that it will power resale for Vera Bradley through its Resale-as-a-Service (RaaS). Vera Bradley is a leading designer of women's handbags, luggage, and fashion and home accessories.
One aspect of the partnership will involve TDUP's "Clean Out Kits," where customers fill their carts with items and ship them to ThredUP for free. ThredUP then pays the seller for re-sellable items in the form of a Vera Bradley gift card, while Vera Bradley will pay a platform fee to license RaaS technology, software, and logistics.
Shares of TDUP rose 14.68% to $22.15 as of Wednesday at 10:56am.
What does this mean for ThredUp?
ThredUp's partnership with a leading women's designer like Vera Bradley comes at an opportune time for the company, as emergence from the pandemic is leading consumers to travel, socialize, get back to school, and subsequently to refresh their closets. The partnership should drive customer looking for incentives, as well as increase revenue.
Pooja Sethi, ThredUp's SVP of RaaS and Retail Partnerships, stated,"By allowing retailers like Vera Bradley to leverage thredUP's operating platform, we are bringing the value of secondhand to the broader fashion industry. thredUP Resale-as-a-Service proves that 'good for business' and 'good for planet' do not need to be mutually exclusive," said Sethi.
Other brands that utilize ThredUp's RaaS platform include GAP, Madewell, and Reformation. Vera Bradley will offer thredUP Clean Out Kits to their customers online and in-store.
TDUP has an Overall Score of 13. Find out what this means to you and get the rest of the rankings on TDUP!
ThredUp Inc is an online resale platform for women and kids apparel, shoes, and accessories. It generates revenue from items that are sold to buyers through the website, mobile app, and RaaS partners.
