Fashion resale startup ThredUp is planning an IPO in the coming months

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ThredUp is preparing to go public and hopes to raise between $200 million and $300 million in an initial public offering (IPO) next year.

The fashion resale platform is eyeing an IPO early next year, according to anonymous sources speaking to Bloomberg.

Goldman Sachs, who is already an investor in the startup, is understood to be advising ThredUp on its public listing.

READ MORE: Walmart makes landmark move into fashion resale with ThredUp partnership

The resale clothing market is set to more than double to $64 billion in the next five years as more shoppers are willing to buy second hand.

Over two thirds (70 per cent) of consumers now say they are willing to buy clothing second-hand, according to the 2020 Resale Report from GlobalData and ThredUp.

The resale market also grew 25 times faster than the wider retail market last year, seeing 64 million shoppers make a second-hand purchase.

ThredUp has also signed numerous partnerships with big-name retailers in the past 18 months, including Walmart, Gap and Abercrombie & Fitch.

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