PR95581

TALLINN, Estonia, April 25, 2022 /PRNewswire=KYODO JBN/ --

Estonian startup Upty [https://upty.ee/], the leading resale e-store in the

Baltic region, is pleased to announce the acquisition of its Finnish peer,

Rekki. In addition, Upty is planning to kick-start the fundraising in the

coming months in order to pursue the Company's accelerated expansion across

Europe.

Young Upty successfully acquired its larger and more established competitor in

a cash and stock deal. The joining of these two leaders in secondhand, or so

called "preloved," ecommerce marks the push towards sustainable fashion through

circular economy. Upty's online retail platform allows consumers to de-clutter

their closets whilst also allowing to purchase like-new items at a discount of

up to 90%. With Rekki now part of the Upty family, sellers and buyers looking

to participate in eco-friendly fashion resale will benefit from more choice

than ever.

Upty's latest acquisition couldn't have come at a better time. The Extended

Producer Responsibility (EPR) Scheme, which is expected to come into effect by

2024, means that the European trash collection companies will not be allowed to

offload the collected clothes to the land field. Evidently, Upty's vision is in

alignment with broader consumer and government trend toward textile reusage,

recycling and waste reduction.

Upty CEO Sergei Brek commented: "Adding a well-established ecom player like

Rekki to a fast-growing Upty platform marks the creation of a serious circular

economy player, not just in the geographies where we currently operate but

across all of Europe as eco-friendly fashion practices continue to gain

traction in the market."

Tero Ylönen, Rekki CEO, added: "Rekki is thrilled to be joining forces with

Upty. The Group has exciting and ambitious plans for the future and we are

looking forward to contributing to the development of circular fashion across

Europe as we expand our reach."

About Upty

Upty was established in November 2020, led by a vision for more sustainable

fashion. We currently operate in Estonia, Latvia, Lithuania, and Finland.

Finnish brand Rekki joined the Upty family in April 2022 and we have ambitious

plans to expand into Germany by year end. Over the next two years, Upty Group

is planning to launch in Poland, Czech Republic, Netherlands and Sweden. Find

out more at https://upty.ee and keep up with us on Facebook [

https://www.facebook.com/login/?next=https%25252525253A%25252525252F%25252525252Fwww.facebook.com%25252525252Fupty.store]

and Instagram [https://www.instagram.com/accounts/login/?next=/upty.store/].

Photo - https://mma.prnewswire.com/media/1801844/Upty_Rekki.jpg

Logo - https://mma.prnewswire.com/media/1760079/UPTY_Logo.jpg

Source: Upty