Orix Corp
Change company Symbol lookup
Select an option...
IX Orix Corp
WHR Whirlpool Corp
PG Procter & Gamble Co
PWJAX PGIM Jennison International Opportunities Fund- Class A
MBWM Mercantile Bank Corp
MEIUF Meitu Inc
HD Home Depot Inc
ACC American Campus Communities Inc
MRLN Marlin Business Services Corp
OMC Omnicom Group Inc

Financials : Diversified Financial Services | Large Cap Value
Based in Japan
Company profile

ORIX CORPORATION is a Japan-based company engaged in the provision of diversified financial services. The Company has six business segments. The Corporate Financial Services segment is engaged in the commission business. The Maintenance Leasing segment is engaged in the automobile leasing business, the car rental business, the measuring instruments and information related equipment rental business, and the leasing business. The Real Estate segment is engaged in the development, leasing and management of real estate, the facility operation business and the real estate asset management business. The Business Investment segment is engaged in the environment and energy business, the investment business and the concession business. The Retail segment is engaged in the life insurance business, the banking business and the card loan business. The Overseas segment is engaged in the asset management business, the aircraft and ship related business, the investment and financial business.

This security is an American depositary receipt
ADR Fees
American Depositary Receipt (ADR) Fee

ADR fees charged by custodial banks normally average from 1 to 3 cents per share. Other country fees might apply. To read more, see the Exception Fees tab at Brokerage Fees

Closing Price
Day's Change
0.00 (0.00%)
B/A Size
Day's High
Day's Low

10-day average volume:

ThredUp CEO on IPO day: Don't tax resale and Amazon's speed is a fading trend for young shoppers

1:11 pm ET March 26, 2021 (MarketWatch)

Rachel Koning Beals

ThredUp's prospectus estimates resale market growth to $36 billion by 2024 from $7 billion in 2019

Clothing resale site ThredUp Inc. launched its initial public offering at the top end of the projected range Friday, a funding injection that CEO James Reinhart wants to leverage to challenge competitor Amazon.com on the speedy retail giant's environmental reputation.

Sustainability is inherent in secondhand shopping, but ThredUp wants to amp up both the cultural and practical campaigns around the trend.

Reinhart, in an interview with MarketWatch, said he sees a ThredUp role in keeping the fashion industry, and the e-commerce companies that sell clothes and accessories, including Amazon(AMZN) and Walmart(WMT), accountable for their water, energy and other resource use. ThredUp is taking cues from its mostly young shoppers who increasingly care about their carbon footprint. In 2019, 40% of resale shoppers were Gen Z, the largest demographic group to shop the category.

Related:Amazon has 'ambitious but achievable' plan to hit Paris climate goals 10 years early and go carbon neutral by 2040 (https://www.marketwatch.com/story/amazon-aims-to-hit-paris-climate-goals-10-years-early-and-reach-carbon-neutral-on-deliveries-by-2040-2019-09-19)

Barron's:Walmart Is Adopting Socially Responsible Policies. ESG Funds Are Taking Notice (https://www.marketwatch.com/articles/walmart-stock-could-benefit-as-esg-investors-add-it-to-their-funds-51610151686).

"Our goal is not to optimize for same-day delivery. That's not who we are and not what our customer wants," said Reinhart. "Maybe you don't actually need that thing from Amazon tomorrow. And even Amazon has seen some pushback. The speed trend might go the other way."

Reinhart said ThredUp promotes bundled orders, using fewer packages and higher density within packages. The site discerns where a potential customer logs on from and offers inventory from a distribution facility located as close as possible to that user, not shipping from a central hub.

Still, there's little denying the power of might. Amazon emerged in early 2021 as the top seller of clothes in the U.S., according to data from Wells Fargo, as the e-commerce giant made further gains during the COVID-19 pandemic. Wells Fargo expects sales of clothes and shoes on Amazon to top $45 billion in 2021 (https://www.marketwatch.com/story/amazon-becomes-the-top-clothing-retailer-in-the-u-s-outselling-walmart-target-gap-and-others-11616002197).

Oakland, Calif.-based ThredUp, which will use ticker TDUP (TDUP), said its initial public offering priced at $14 a share, the high end of its $12-to-$14 range. The company offered 12 million shares to raise $168 million.

Read: ThredUp IPO: 5 things to know about the secondhand e-commerce site (https://www.marketwatch.com/story/thredup-ipo-5-things-to-know-about-the-secondhand-e-commerce-site-before-it-goes-public-11615231201)

Reinhart, who is also co-founder, detailed ThredUp's plan to use $500,000 of its new cash on what it calls its "environmental policy function." The company will use that money to push for government relief in eliminating the taxing of second-hand goods. Those items were already taxed at their initial sale and currently, are taxed again. Reinhart equated this assistance to the help that renewable energy and electric vehicle subsidies historically offered those markets.

'Do good'

A World Bank report says the fashion industry is responsible for roughly 10% of annual global carbon emissions (https://www.worldbank.org/en/news/feature/2019/09/23/costo-moda-medio-ambiente), more than all international flights and maritime shipping combined. Without policy changes, emissions from the industry will expand some 50% by 2030, the report said.

ThredUp's classification as an "emerging growth company" means it's not required to be as thorough with disclosures as bigger public companies.

But Reinhart says its game plan is to be forthcoming on sustainability initiatives.

"We were very deliberate to have a standalone section on Environmental, Social and Governance [ESG] issues in our S-1 [to register for the IPO]," he told MarktWatch. "I can count on one hand the firms that I believe have done that. We want to lead with our sustainability disclosures... and we'll use science-based targets [on resource use and emissions]. Our core DNA is to do good and we'll take every opportunity to do that in the public market."

Broadly, investors filed at least 140 climate-related shareholder proposals at U.S. companies during the 2020 proxy season, a number that has gained each year. The proposals averaged an approval vote of 30.7%, up from the average approval vote of 26.3% in 2019, according to sustainable-investing advocate Ceres (https://www.ceres.org/news-center/blog/how-climate-proposals-fared-during-2020-proxy-season).

Growth market

As for shopping habits, Reinhart said the company can draw a connection between the resale trend from the 2008-09 recession and what ThredUp predicts will be a boost to customer retention post-COVID 19. Souring economic conditions pushed shoppers to consider resale over new purchases and quarantine confinement prompted many to clean out their closets for resale. ThredUp's prospectus estimates resale market growth to $36 billion by 2024 from $7 billion in 2019.

Read:The shift to thrift: COVID-19 propels an already surging secondhand clothing market (https://www.marketwatch.com/story/covid-19-propels-an-already-surging-secondhand-clothing-market-2020-06-23)

"In my view, not since the advent of off-price stores has a new model so structurally disruptive come to pass in retail," Reinhart wrote in a letter and hand-drawn graphic he's called the "Do Good Flywheel," which was included in the ThredUp prospectus.

Additional reporting by Tonya Garcia.

-Rachel Koning Beals; 415-439-6400; AskNewswires@dowjones.com


(END) Dow Jones Newswires

March 26, 2021 13:11 ET (17:11 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2021 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2021. All rights reserved.