New competition from Vinted, Shein, H&M and Temu is coming to the Hungarian market
The online discount product store, ThredUp, expects significant changes in the European market, after it has already gained a serious market for itself in America, The Wall Street Journal reports. ThredUp, which launched its European commission business in the third quarter of 2022, now plans to scale back its inventory buying strategy in the coming years and focus more on commission revenue in Europe.
The move follows its $28.5 million acquisition of Bulgarian fashion retailer Remix, which happened about a year earlier. According to James Reinhart, CEO of ThredUp, the revenue from the sale of clothing currently accounts for a minimal part of European revenues. ThredUp paid for inventory in advance due to the lack of consignment clothing in the region, but this strategy did not yield the expected results. As a result, the company recorded a $1.9 million inventory write-down in Europe in the fourth quarter.
ThredUp closed the last quarter of 2023 with 1.8 million active customers, unchanged from the previous period. In the US market, commission income still accounts for 80% of revenue. According to the company’s plans, in 2024 the proportion of European commission income will be 20% of all incom
Related news
A historic turn in online commerce: more money is now going to foreign webshops than to domestic ones
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Chinese platforms accelerate warehouse growth across Europe
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >The end of cheap “cheap orders”: customs and taxes await small packages in the US, and soon in the EU
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Related news
World Bread Day celebrated with a national charity event
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >A collection of short stories was published by the Nébih’s Without a Remnant program
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >Successful collective support for Hungarian products – Agora 11
🎧 Hallgasd a cikket: Lejátszás Szünet Folytatás Leállítás Nyelv: Auto…
Read more >