thredUP Releases Inaugural Impact Report
thredUP's 2021 report reaffirms the company's commitment to environmental, social, and governance initiatives and highlights its impact on people, communities, and the planet
OAKLAND, Calif., Oct. 4, 2022 /PRNewswire/ -- thredUP (NASDAQ: TDUP), one of the largest online resale platforms for women's and kids' apparel, shoes, and accessories, today released its inaugural Impact Report, which outlines the company's business and brand-aligned environmental, social, and governance (ESG) strategy and details the progress the company made across ESG initiatives in 2021.
"Since our founding in 2009, thredUP's purpose has remained rooted in circularity. While thrifting is inherently sustainable, we recognize the importance of ensuring that all aspects of our business are ethical and sustainable," said James Reinhart, CEO of thredUP. "The release of our first Impact Report is meant to provide a transparent look at the impact we've made and where we're focusing moving forward as we continue to inspire a new generation of consumers to think secondhand first."
thredUP's 2021 Impact Report includes activities undertaken during the reporting period from January 1, 2021 to December 31, 2021 as well as select activities from previous years to provide a holistic picture of its progress as a mission-driven company. thredUP's ESG strategy focuses on 12 key areas based on a materiality assessment to focus efforts in the areas where they can have the most impact. Highlights across each topic include:
- Product Circularity & End of Life: Processed 137 million unique secondhand items to-date, extending the life of clothes and diverting products from landfill. Closed 2021 with 28 brand clients through its Resale-as-a-Service program, helping retailers implement more circular business practices with resale programs.
- Climate Change and GHG Emissions: Displaced 1.3 billion pounds of carbon emissions to-date by making it easy to buy and sell secondhand items in its marketplace and decreased U.S.-based shipping emissions by 54% in 2021.
- Energy Consumption & Efficiency: Completed a 2020-2021 Greenhouse Gas (GHG) inventory assessment (including Scope 1-3 emissions) to inform thredUP's biggest areas of impact.
- Waste Diversion & Disposal: Measured minimal operational waste and improved solutions for products sold through its aftermarket program to extend the life of clothing that doesn't meet core marketplace quality standards.
- Sustainable Packaging: Improved and streamlined packaging to include sustainable, reusable, and recyclable materials.
- Affiliate Social Assessment: Adopted thredUP's first Aftermarket Code of Conduct for reuse and recycle partners.
- Community Giving and Volunteerism: Directed $20,000 on behalf of the Future Fund and $75,000 through marketing campaigns towards charities.
- Employee Attraction & Retention: Launched an employee engagement survey that showed 95% of employees trust the decisions of senior leadership, and 88% feel like they belong at thredUP.
- Employee Health, Wellness, & Benefits: Expanded employee health and wellness resources in response to COVID-19, launching a Pandemic Management Task Force and an enhanced Employee Wellness Program.
- Diversity, Equity, Inclusion, and Belonging: Launched employee-led DEIB committee to strengthen diversity and representation through ongoing initiatives.
- Corporate Governance & Business Ethics: Established board oversight over ESG and an employee-led CSR committee, with participation from executive management and senior leaders across the business.
- Privacy & Security: Verified its information security program is in compliance with leading voluntary compliance standards for managing customer data (SOC 2 Type 2 and PCI DSS Level 2).
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 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 women's 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. 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.
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