The largest online platform for second-hand clothing trade – the American thredUP, will be the new owner of the Bulgarian Remix, which is a leader in this segment in Europe. The company has announced that it will acquire Remix Global AD in a deal for 28.5 million dollars or 24.1 million euros.
According to the terms of the deal, after its completion the Bulgarian company will operate as an independent company under the auspices of tharedUP under the leadership of the current CEO Lyubomir Klenov.
The transaction is expected to close in the fourth quarter of this year
Klenov will also be responsible for expanding the business of the American group on the Old Continent. The second-hand clothing market in Europe is estimated at 21 billion dollars by 2020, and it is projected that it will grow to 39 billion dollars in 2025, according to estimates by GlobalData.
The Bulgarian company, which is a leader in Europe in online sales of second-hand clothes
In 2019, the company sold 4.2 million products and its revenues are BGN 58.5 million
–
“Together with tharedUP, I believe we will upgrade Remix’s main operational engine, technology, logistics, to contribute to a larger presence in the European market,” points out Lyubomir Klenov, quoted by Yahoo Finance.
Remix Global was founded in 2012 in Bulgaria and today has over 400 employees. Its network currently covers 9 markets in Europe, including Germany, Poland, Greece, Romania and the Czech Republic. The company is a leading online second-hand clothing store on the Old Continent.
thredUP was established in 2009 and at the end of last year had 1.24 million active users. Its market capitalization is $ 2.7 billion.
– .
