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MARKET UPDATE 06.03.22
STADIUM GOODS BULK SNEAKER SALES
Current News: Stadium Goods recently unveiled “Source by Stadium Goods”, a platform that allows for sneakers to be bought and sold in bulk. According to Laura Sartor, chief product and strategy officer at Stadium Goods, Source will help Stadium goods become a “true business partner” to consignors, as it will help grow resale businesses.
Financials: The sneaker resale market is currently a $6 billion global industry, and is projected to increase to $30 billion by 2030. On Source, the highest priced bundle sold so far was $10,000 worth of shoes. Stadium Goods reported that Source buyers reported an approximate return of 20% of their investment in the inventory.
RESALE MARKET PROJECTED TO MORE THAN DOUBLE IN FIVE YEARS
Current News: The 2022 Resale Report was released on May 17. As the 10th annual resale report, it reflects on the last decade of the resale market and shows extremely positive insights for the future of resale. The report was produced by ThredUP, using data from GlobalData, a third party research analytics firm.
Financials: The entire secondhand market is expected to increase to $77 billion in the next five years. The secondhand market is led by the US, and is estimated to grow 127% by 2026, which is three times faster than the overall global apparel market. In the current inflationary environment, secondhand sales have seen a benefit, as 80% of consumers are buying the same or more secondhand apparel items, while only 50% are buying the same or more apparel items overall.
thredUP (NASDAQ: TDUP)
Share price: $4.56
Market cap: 451.667M
Backstory: ThredUp was founded in 2009 by James Reinhart, who realized there was value and resale opportunity in the clothes in his closet that he no longer wore. The company originally created a large business campaign around children's clothes, as the company wanted to find a sustainable way for children to sell and buy clothes as they quickly grew. In 2013, thredUP expanded beyond childrens clothes to womens as well.
Current News: In the first quarter of 2022, thredUP saw a total revenue of $72.7 million. ThredUp, a major resale platform, has partnered with Crocs, Adidas, Macy’s, JCPenney, and more recently, Pacsun and Target. Online resale is the fastest-growing sector of the secondhand market. Its new partnerships with Pacsun, Target, and expansion with Madewell partnership has allowed listings to increase 500%. In the second quarter, thredUP expects revenue to range from $75 to $77 million, and gross margin in the range of 67% to 69%.