Trove, a key player in the branded resale and customer trade-in space, has acquired full-service resale platform Recurate to solidify its position in the evolving and ever-expanding recommerce market. Financial terms of the deal were not disclosed.
With this acquisition, Trove will integrate its resale capabilities, which include store trade-ins, digital trade-ins, returns processing, non-new inventory management and resale site building and management with Recurate’s peer-to-peer expertise, operational network and Shopify integrations. The resulting product suite creates a “one-stop shop for brands to tailor, launch and scale profitable resale programs that best suit their needs,” according to a Trove statement announcing the news.
The purchase will give Trove 29 new brand partners including Frank & Eileen, Frye, Steve Madden and Michael Kors, as well as a staggering 75% share of total U.S. branded resale traffic. Trove is focused on continued global expansion, especially in Europe and the UK, where it is courting new enterprise partners.
Recurate’s co-founders — Wilson Griffin, former CEO, and Adam Siegel, former Chief Product Officer and Chief Operating Officer — will join Trove’s executive team, but there are currently no further details on how Recurate’s workforce will integrate into Trove’s.
“We’re thrilled to welcome Recurate’s talented team, innovative technology and trail-blazing brands to Trove,” said Terry Boyle, CEO of Trove. “This strategic acquisition strengthens our ability to provide brands with the tools they need to excel in the circular economy, offering greater flexibility and faster go-to-market solutions.”
Recurate’s Griffin added: “Our combined services will provide brands a breadth of resale models and program design. We look forward to accelerating the resale space with Trove as we move into this next phase.
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