Target has quietly started reselling its products via a partnership with ThredUp.
The retailer operates a landing page on the ThredUp website, which features a variety of apparel, accessories and shoes. Target confirmed on Friday to CNBC that it launched the ThredUp landing page in March. The page features Target’s private-label items as well as some limited-time designer collaborations.
Target and ThredUp did not immediately return FN’s request for comment.
“Proud to help jumpstart Target’s Resale efforts,” wrote ThredUp’s CEO in a post on Linkedin. He added that Target currently has more than 400,000 items listed for resale, making it the largest branded resale shop on the site. “Appreciate their leadership in showing ways retail can be more circular.”
Target previously partnered with ThredUp in 2015 to test a resale program that allowed consumers to send in their old clothing to the resale platform in exchange for a Target gift card. The program ended after just a couple of months. A Target spokesperson told CNBC that it the current program represents a “test and learn” phase with ThredUp but did not share financial details.
Watch on FN
ThredUp has recently added a slew of major brands to its growing roster of clients utilizing its Resale-as-a-service program. Just last week, PacSun announced the launch of a new ThredUp-powered resale program that allows customers to sell their worn clothing via ThredUp’s clean-out kits. In return for PacSun credit, people can send in items from any brand across women’s and kid’s apparel, footwear and accessories.
ThredUp also powers resale for Crocs, Madewell, Vera Bradley, and Adidas. The resale platform also powers a resale arm for Walmart with a landing page on the big-box retailer’s website.
ThredUp raised $168 million in its initial public offering in March 2021 and earned a valuation of about $1.3 billion. In July, ThredUp announced plans to acquire Remix Global AD, a major European fashion resale site, marking the start of its commitment to international expansion in Europe.
The resale sector is set to grow 11 times faster than traditional retail by 2025, according to ThredUp’s 2021 resale report. According to the report, consumers are turning to resale because it is more environmentally sustainable and financially beneficial than retail.
