Methodology thredUP’s Annual Resale Report contains research and data from GlobalData, a third-party retail analytics firm. GlobalData’s assessment of the secondhand market is determined through consumer surveys, retailer tracking, official public data, data sharing, store observation, and secondary sources. These inputs are used by analysts to model and calculate market sizes, channel sizes, and market shares. Further, for the purpose of this report, GlobalData conducted a January 2020 survey of 3,500 American women over 18, asking specific questions about their behaviors and preferences for secondhand. thredUP’s Resale Report also leverages data from the following sources: Green Story Inc. research and internal thredUP customer and brand performance data. View all sources here. Covid Update: All market numbers were reforecasted in April 2020 to more accurately reflect the current situation, and are included throughout the report. GlobalData ran a post-Covid consumer survey in April 2020 to better understand how recent events have shifted consumer sentiment and behaviors. Those findings are included in the Covid section at the beginning of thredUP’s Annual Resale Report. Disclosure: All third-party brand names and logos appearing in this report are trademarks or registered trademarks of their respective holders. Any such appearance does not imply any affiliation with or endorsement of thredUP.

The Current Resale Landscape A quick reference to where the major players in the industry currently reside.

Retail Sector Definitions Secondhand: Consumption of all used apparel. Includes both the Resale sector and the Thrift & Donation sector. Donation & Thrift: A sector of the broader ‘secondhand’ market that includes traditional options such as Goodwill, Salvation Army, and yard sales. These secondhand options are primarily, but not exclusively, offline. Resale: A sector of the broader ‘secondhand’ market that includes more curated product assortments, often well merchandised and/or higher end. Examples include thredUP and TheRealReal as well as upscale offline players like Buffalo Exchange. These secondhand options are primarily, but not exclusively, online. Secondhand Products: Consumption of all used apparel, footwear, accessories, books, furniture, entertainment, and beauty. Department Stores: A type of general retail store, wherein the retailer displays products within distinct departments, often located on separate floors, specializing in defined product areas. Examples include Bloomingdale's, Macy's, JCPenney, Nordstrom. Off-Price: A retailer that sells items at lower prices than those typically charged by retail businesses. Off-price stores typically purchase overstocked goods or make special purchases. Examples include TJ Maxx, Marshalls, Ross, Burlington Coat Factory. Value Chains: Value stores are a retail format that sells inexpensive items, at a single or limited number of price points. Examples include Walmart, Target, Dollar Tree. Mid-Priced Specialty: Specialist clothing retailers operating in the middle of the market in terms of price. Not value but not premium or luxury. They tend to be found in malls or traditional main street locations. Examples include Gap, Ann Taylor, J.Crew. Fast Fashion: Specialist clothing retailers with a fast stock turnaround and whose business models rely on selling high volumes at (usually) inexpensive price points. Examples include Zara, H&M, Forever 21. Direct-to-Consumer: Specialists and generalists selling clothing directly to the public. Primarily online only. Excludes C2C or auction type sites, and the online side of traditional retail businesses. Examples include Everlane, Warby Parker, Outdoor Voices. Sustainable Fashion: Apparel that has been produced, sold, and distributed in such a way as to minimize, as much as possible, any damaging social and environmental impact. To be classified as sustainable, a company must reduce negative impacts at multiple stages of the supply chain and of the product’s lifecycle. Examples include Reformation, Allbirds, Eileen Fisher, Patagonia. Amazon: Amazon's clothing sales in the US, stated at gross merchandise value. Subscription: Subscription-based services for clothing. Excludes non-clothing elements of subscription models, and rental services. Examples include StitchFix and Trunk Club. Other: Sales of clothing from all other sources, including grocers and supermarkets, drug stores, duty-free, warehouse clubs, variety stores, other non-clothing specialists, and convenience stores.

Disclaimer This [Resale Report] contains forward-looking statements. thredUP has based these statements largely on its current expectations and assumptions, and on information available as of the date of this report. However, we operate in a competitive, new, and rapidly changing market. New risks may emerge. thredUP assumes no obligation to update any forward-looking statements after the date of this report, except as required by law. This [Resale Report] also contains estimates and other statistical data made by independent parties and by thredUP relating to market size, growth and other industry data. This data involves a number of assumptions and limitations. thredUP has not independently verified the data generated by independent parties and cannot guarantee accuracy or completeness. Projections and assumptions about the future performance of the markets in which thredUP competes are subject to a high degree of uncertainty. These and other factors could cause results or outcomes to differ materially from those expressed.