Report outlines company's business and
brand-aligned environmental, social, and governance (ESG) strategy
and highlights progress in 2022
OAKLAND,
Calif., July 26, 2023 /PRNewswire/ --
thredUP (NASDAQ: TDUP, LTSE: TDUP), one of the largest online
resale platforms for apparel, shoes, and accessories, today
released its second annual Impact Report. Through transparent
reporting and disclosures, the report provides a comprehensive view
of thredUP's environmental, social, and governance (ESG) profile,
outlining the company's business and brand-aligned ESG strategy and
detailing the progress the company made across ESG initiatives in
2022.
"As we further our mission to inspire a new generation of
consumers to think secondhand first, our commitment to our people,
our communities, and the planet are the driving force behind
everything we do," said James
Reinhart, CEO of thredUP. "Our second annual Impact Report
details the progress we've made as we continue to build a
purpose-led and sustainability-minded company that our stakeholders
can be proud of. While we work to create a more circular fashion
future, we are committed to pushing ourselves to improve our
business practices and expand our impact in the future."
thredUP's 2022 Impact Report includes activities undertaken
during the reporting period from January 1,
2022 to December 31, 2022. The
company's ESG strategy focuses on 12 key areas where they can have
the most impact as identified through a materiality assessment.
Highlights from 2022 include:
- Dual-listed on the Long-Term Stock Exchange (LTSE), affirming
our strategic alignment with long-term shareholders.
- Listed 7.8 million items through thredUP's Resale-as-a-Service
(RaaS) and closed 2022 with 42 brand clients, including
Tommy Hilfiger, Athleta, and Torrid
– the first plus-sized brand.
- Donated $61,000 on behalf of the
Future Fund, thredUP's employee-led social impact
organization.
- Sold 1.5 million items through our Rescues program, diverting
over half a million pounds of clothing from third-party aftermarket
channels.
- Partnered with The Azek Company to transform 100 percent of our
returned Clean Out bags into long-lasting, low maintenance outdoor
living products.
- Seventy-two percent of our workforce identified as a minority,
with 66 percent identifying as female, and 58 percent identifying
as Black or Latinx.
- Pledged $298,000 to the Oakland
Roots, a professional men's soccer team dedicated to bettering the
Oakland community.
- Thirty-eight percent of leaders at our distribution centers
were promoted from within the organization due to thredUP's
investment in the Employee Navigation program.
- Fifty percent of our Board of Directors identified as female,
while 20 percent identified as a racial minority.
The report has been guided by leading sustainability reporting
frameworks including the Global Reporting Initiative (GRI) and
Sustainable Accounting Standards Board (SASB) standards. thredUP is
committed to releasing an annual Impact Report to provide
transparency into its business operations and hold itself
accountable to continually measure and advance its progress.
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 172 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/thredup-releases-second-annual-impact-report-301885957.html
SOURCE thredUP