GlobeNewswire Inc | Jul 26, 2021 09:00AM EDT

July 26, 2021

EL SEGUNDO, Calif. and OAKLAND, Calif., July 26, 2021 (GLOBE NEWSWIRE) -- Fabletics, the global active lifestyle brand, and ThredUp Inc. (NASDAQ: TDUP), one of the largest online resale platforms for womens and kids apparel, shoes, and accessories, today announced that thredUP will power resale for Fabletics through its Resale-as-a-Service (RaaS) platform. The deal marks Fabletics entry into the resale ecosystem and provides consumers with an easy and sustainable way to refresh their closets and extend the life of clothes.

"Fabletics move into resale is part of a broader strategy to become more environmentally conscious. As a global fashion brand, we do our best to give back to our communities and our precious planet, but we know we must do more to lighten our footprint and stimulate more eco-consciousness, says Adam Goldenberg, CEO of Fabletics. This deal with thredUP is a win-win for us and a good step into circularity our customers now have a hassle-free way to give their unwanted clothing a second life, while gaining perks to refresh their closets, and we at Fabletics are excited to play a more meaningful role in creating a more sustainability-conscious fashion industry.

Were delighted that Fabletics has chosen thredUPs Resale-as-a-Service (RaaS) to power their first resale experience, enabling their members to responsibly clean out and refresh their closets, said Pooja Sethi, Senior Vice President and General Manager of RaaS. Thirty-three million Americans thrifted for the first time in 2020. We believe by helping brands like Fabletics enter the resale ecosystem that we can widen that reach, keep even more clothes in circulation, and further our mission to inspire a new generation of consumers to think secondhand first.

Fabletics will offer thredUP Clean Out Kits to their members both online and in-store. Members fill their Clean Out Kits with apparel, shoes, and accessories from any brand and ship them to thredUP for free. thredUP pays the seller for items that meet quality standards and can be sold in the form of Fabletics credits, which are automatically added to the sellers Fabletics account and can be redeemed online or in-store for up to 12 months. Fabletics VIP members also receive 50 VIP reward points. In addition, thredUP sellers can turn earned thredUP credit into Fabletics credit, with a value that is 15% higher than the cash payment option. Fabletics resale experience is powered by RaaS technology, software, and logistics. Read more about RaaShere.

This deal is part of a broader sustainability push from Fabletics with the goal of reducing their fashion footprint. Last year, Fabletics established carbon neutrality at all of its stores, replaced plastic shipping bags with bags made of recycled material, and launched an eco-conscious capsule for Earth Day made entirely from recycled or upcycled materials. Learn more about how Fabletics is taking steps towards sustainable style here.

About FableticsFounded in 2013, Fabletics brings the fashion-house approach into the activewear space by fusing style-centric designs with high-performance technology. Driven by its innovative VIP membership program serving over 2 million loyal members, Fabletics has evolved activewear beyond the gym into every walk of life. The brands spirit of inclusivity guides its foundational belief that everyone and every body deserves to look and feel their best. New womens styles drop every week in sizes XXS-4X and mens styles drop every month in sizes XS-XXL. See and shop the collections in the US, Canada, most of Europe and at the brands 52 state-of-the-art retail stores. To experience the full selection of activewear, accessories, shoes and more, visit fabletics.com. Fabletics is headquartered in El Segundo, California.

Media ContactArielle SchechtmanFableticspress@fabletics.com

About thredUPthredUP 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 worlds largest resale platforms for womens and kids 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. In 2018, we extended our platform with thredUPs Resale-As-A-Service (RaaS), which facilitates modern resale for a number of the worlds leading brands and retailers. thredUP has processed over 125 million unique secondhand items from 35,000 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.

Media ContactChristina SchultzthredUPmedia@thredup.com

Forward Looking StatementsThis release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words believe, may, will, estimate, continue, anticipate, intend, expect, predict and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Except as required by law, thredUP has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0ed81d5d-6875-422e-a98b-4f527ea1cd6e