Gap, thredUp shares up after firms launch resale platform for Athleta

ThredUp

28/09/2022 17:04

** Gap Inc's  GPS.N  Athleta brand partners with second-hand
apparel seller thredUp Inc  TDUP.O  to launch its first resale
platform
    ** Shares of TDUP ~5% at $2.20, while Gap rises ~3% to $8.70
    ** Gap says limited group of customers will receive access
to new resale platform when visiting Athleta.com, where they can
shop Athleta products up to 90% off estimated retail price
    ** GPS, which is struggling to sell outdated styles at some
of its brands, has been in partnership with TDUP since early
2020 
    ** YTD, Gap shares have fallen ~51% while TDUP has shed
nearly 83% of its value 
 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))