America’s Renewal Workshop (TRW), a resale and renewal solutions firm that helps apparel brands in the second-hand market, has closed a $6 million financing round. The round includes Rubio Ventures, Shift Invest, Quadia, Closed Loop Partners, Gratitude Railroad, Portland Seed Fund, Fashion for Good, DOEN, Mosiaco Management, Mistletoe, and Volta Circle.
With second-hand retail as the fastest growing segment of the fashion industry, brands without TRW’s services are ceding the second sale of their products to marketplaces like ThredUp, TheRealReal, and Vestiaire Collective. Leveraging TRW’s technology, operations, and fulfilment services, The North Face Renewed expanded their US programme to Germany in May 2021.
Following that launch, Tommy Hilfiger’s Tommy for Life programme expanded to France, employing TRW’s technology that offers a user-centric resale experience in multiple languages, currencies, and countries, TRW said in a press release.
“After their successful expansion to Europe, TRW is the leading full service solution that supports recapture, renew, and recommerce for apparel companies today on a global platform.
Given the fast changing landscape of consumer sentiment, every brand needs to have a resale solution to stay competitive and TRW is the ideal partner from both a technology and execution perspective,” Caroline Brown, current TRW board member, investor, and managing director at Closed Loop Partners said in a statement.
TRW has also announced new executive leadership with the hiring of Sridhar Krishnan as CFO who was previously CFO of EBay in the Benelux region. Shay Gipson has been hired to lead business development. Gipson has a long history in the apparel industry with Nordstrom, Ralph Lauren, and as the director of sales and brand relations for the Project and Magic Tradeshows.