ThredUp Inc. has filed for an initial public offering, the latest retailer trying to capitalize on generational shifts toward online sales and used goods.
The Oakland, Calif., company, which sells secondhand clothing and accessories online, had confidentially filed for a public offering in January.
Thredup registered to sell $100 million worth of stock, although that’s often a placeholder used to calculate filing fees. Underwriters included Goldman Sachs and Morgan Stanley.
ThredUp listed revenue of $186 million in 2020, up 14% year-on-year. Net losses grew to $47.9 million in 2020 from $38.2 million in 2019, it said.
In its prospectus, ThredUP said it had had 1.24 million active buyers and 428,000 active sellers as of late December; buyer numbers were up 24% and seller numbers down 4% from December 2019.
The pandemic has accelerated trends toward online sales, and rising environmental concerns have fueled growth in resale.
“We believe that we are in the early stages of capitalizing on a large and growing market opportunity in secondhand clothing,” the company said in the filing. “More millennial and Generation Z consumers are driving the shift to secondhand each year. As these consumers mature, generate more disposable income and become a larger portion of consumer wallet share, we expect that secondhand will benefit.”
ThredUp joins several other digital resellers that have recently gone public, including Poshmark Inc. POSH, -6.47%, which last month announced plans to enter the pet market, and Wish app parent ContextLogic Inc. WISH, -4.41%.