Remix
An online reseller of second-hand apparel in Central and Eastern Europe.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 Valuation: €0.0 0.8x EV/Revenue 49.2x EV/EBITDA | round | |
* | N/A | N/A | Acquisition |
| Total Funding | 000k | ||
| EUR | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | - | 360 % | 42 % | 7 % | 5 % | 7 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | (11 %) | (30 %) | (11 %) | 9 % | 4 % | 2 % |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (19 %) | (36 %) | (18 %) | 2 % | (3 %) | (7 %) |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Remix Global AD operates as a significant player in the European fashion resale market, with a focus on promoting a circular economy. Founded in Bulgaria in 2012 by Lyubomir Klenov, Nadezhda Gancheva, Genoveva Petrova, and Ilian Grozev, the company was established to address the environmental impact of the fast-fashion industry. The founders leveraged their experience working for global brands to build a platform that encourages consumers to extend the lifecycle of their clothing.
The company's business model is centered on a managed marketplace that simplifies the process of buying and selling secondhand apparel. For sellers, Remix offers a "Sell to Remix" program where individuals can send their unwanted clothing and accessories to the company's logistics center in Sofia free of charge. The company then handles the entire resale process, including disinfection, inspection, professional photography, pricing, and shipping to customers. In return, sellers receive a financial incentive that can be used for purchases on the platform, withdrawn, or donated. For buyers, Remix provides a vast, constantly updated online catalog of secondhand and outlet clothing, adding thousands of new items daily across budget, mid-range, and luxury segments.
Remix has established a strong operational footprint across nine European markets, including Bulgaria, Romania, Greece, Poland, the Czech Republic, Slovakia, Hungary, Germany, and Austria. Its growth was significantly boosted by an €8-10 million investment from Mezzanine Management in 2016, which facilitated this expansion. The company developed a sophisticated, custom 'single-SKU' logistics system to efficiently process millions of unique garments. This operational expertise and market presence led to its acquisition by the U.S.-based online resale platform ThredUp in a deal announced in July 2021 for approximately $28.5 million. Following the acquisition, Remix operates as an independent business unit, with CEO Lyubomir Klenov leading ThredUp's European expansion.
Keywords: fashion resale, circular economy, secondhand apparel, online marketplace, sustainable fashion, clothing resale, e-commerce, European market, pre-owned clothing, consignment, ThredUp, Lyubomir Klenov, managed marketplace, sustainable retail, apparel reuse, circular fashion, online consignment, resale-as-a-service, fashion technology, clothing lifecycle