Online second-hand apparel retailer ThredUp Inc. on Wednesday reported a 15.2 percent jump in quarterly revenue in its first report as a public company, driven by demand from penny-pinching and environmentally-conscious young shoppers.
Gen-Z and millennial consumers are increasingly looking past the stigma of buying used products, concentrating instead on the deals to be had on what otherwise would have been pricey apparel, accessories and shoes.
ThredUp, which sells products for women and kids, has also benefited from the younger generation growing more conscious of sustainability and reducing waste.
Total revenue rose to $55.7 million in the first quarter ended March 31, from $48.3 million a year earlier.
The company forecast second-quarter revenue of $53 million to $55 million and full-year revenue of $223 million to $229 million.
By Uday Sampath; Editing by Sriraj Kalluvila