Like Netflix for your closet: New way to swap old clothes

Bonnie McCarthy

Has the passion waned? Lost that loving feeling? Instead of banishing your scorned clothing ("It's not you, it's me...") to the back of the closet, it may be time to 'ThredUP."

Transforming fashion flings into peer-to-peer style "swaportunities," ThredUP, a Cambridge, Mass. start-up plans to pioneer the $2 billion dollars-worth of potential they see in the used clothing market.

Touted as a fashionable blend of Netflix, StubHub and eBay, ThredUP is the brainchild of co-founders and "Chief Knitwits" James Reinhart, Oliver Lubin and Chris Homer. Reed Hastings, founder and chief executive of Netflix is an adviser to the company. Far from being fashionistas, the ivy league grads and former roomies are poised to capitalize on the convergence of trends in "green" recycling, economics and the public's ever increasing comfort with online transactions.

The new online clothing exchange, ThredUP.com has been live for five weeks and is currently in its beta stage with a small community of 6,500 beta members. In an interview with WalletPop, Reinhart says the beta members have been trading for two weeks and satisfaction ratings are posting high. He reports the amount of clothing posted for trade has also reached staggering proportions in only a few weeks.

WalletPop readers are invited to join the early adapters. When registering on the member screen, enter the code "WalletPop" and you can get started.