OAKLAND,
Calif., May 9, 2023 /PRNewswire/ -- thredUP,
the largest online resale platform for apparel, shoes, and
accessories, today announced that it has dual listed its Class A
common stock on the Long-Term Stock Exchange (LTSE), a subsidiary
of LTSE Group. thredUP is the first consumer company to list on the
LTSE, committing to the higher standards of the exchange. They are
one of two companies listed on the platform, alongside Asana (NYSE,
LTSE: ASAN).
"With this listing, thredUP threw down the gauntlet for all
consumer companies," said Eric Ries,
founder and chairman of LTSE. "It is not enough to make pledges to
your stakeholders; it is time for binding commitments the public
can believe."
LTSE's principles-based listing standards require listed
companies to detail and publish policies on their website that
offer stakeholders insight into how a company builds its business
for the long term. By listing on LTSE, thredUP is affirming its
strategic alignment with long-term shareholders, employees,
customers, and communities within a public market designed to
promote sustainability, resilience, and long-term value
creation.
"It is time for decisive action. Companies have punted too many
promises to their stakeholders on the environment, social causes
and who they are building for," said James
Reinhart, founder and CEO of thredUP. "By dual listing on
LTSE, we are codifying the critical relationship between thredUP
and our long-term stakeholders and ensuring our success is their
success."
thredUP and LTSE are pioneering the next generation of
capitalism where traditional measures of financial performance and
generating long-term sustainable value are integrated. The dual
listing demonstrates how thredUP is reframing capitalism through an
impact lens, which is a key tenet of thredUP's business strategy
and core to thredUP's mission to inspire a new generation of
consumers to think secondhand first.
Read thredUP's LTSE policies here, and learn how they're helping
their people, communities, and the planet in their Impact
Report.
About thredUP
thredUP is transforming resale with
technology and a mission to inspire a new generation of consumers
to think secondhand first. By making it easy to buy and sell
secondhand, thredUP has become one of the world's largest online
resale platforms for apparel, shoes and accessories. Sellers love
thredUP because we make it easy to clean out their closets and
unlock value for themselves or for the charity of their choice
while doing good for the planet. Buyers love shopping value,
premium and luxury brands all in one place, at up to 90% off
estimated retail price. Our proprietary operating platform is the
foundation for our managed marketplace and consists of distributed
processing infrastructure, proprietary software and systems and
data science expertise. With thredUP's Resale-as-a-Service, some of
the world's leading brands and retailers are leveraging our
platform to deliver customizable, scalable resale experiences to
their customers. thredUP has processed over 137 million unique
secondhand items from 55,000 brands across 100 categories. By
extending the life cycle of clothing, thredUP is changing the way
consumers shop and ushering in a more sustainable future for the
fashion industry.
About the Long-Term Stock Exchange
The Long-Term Stock
Exchange is the only U.S. national securities exchange with a
mission to unite innovative companies with patient capital. The
exchange features listing standards designed to support companies
that aim to partner with long-term shareholders, engage a broad
group of stakeholders, and build their business and advance their
vision over time.
The Long-Term Stock Exchange is a wholly owned subsidiary of
LTSE Group, Inc. Investors include The Space Between, Founders
Fund, Collaborative Fund, Andreessen Horowitz, Obvious Ventures,
and Initialized. For more information, visit
www.longstermstockexchange.com.
Media Contacts
thredUP
media@thredup.com
Long-Term Stock Exchange
press@longtermstockexchange.com
The information contained above is provided for informational
and educational purposes only, and nothing contained herein should
be construed as investment advice, either on behalf of a particular
security or an overall investment strategy. Information about the
company is provided by thredUp and Asana, or comes from the
company's public filings and is not independently verified by LTSE.
Neither LTSE nor any of its affiliates makes any recommendation to
buy or sell any security or any representation about the financial
condition of any company. Statements regarding LTSE-listed
companies are not guarantees of future performance. Actual results
may differ materially from those expressed or implied. Past
performance is not indicative of future results. Investors should
undertake their own due diligence and carefully evaluate companies
before investing. Advice from a securities professional is strongly
advised.
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SOURCE thredUP