By  on August 21, 2019

ThredUp today announced $175 million in funding and said it’s formally launching Resale-as-a-Service, a platform to power apparel resale for the broader fashion industry, that the leaders of Macy’s Inc. and J.C. Penney Co. Inc. mentioned during last week’s second-quarter earnings calls with retail analysts as a conduit for selling secondhand apparel.

“The big news is the funding announcement, and it just so happened that Macy’s and J.C. Penney occurred [last] week. Frankly, we were surprised that they were going to announce it,” chief executive officer James Reinhart told WWD in an exclusive interview. “It wasn’t part of the original plan. They told us, and we’re excited about telling the story, but we feel there’s still a lot of work and collaboration to be done so it’s perfect for the customer. It’s only in 40 Macy’s and 30 J.C. Penney stores. It’s a good pilot, but it’s in a small fraction of their broader store network.

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