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Poshmark

From Wikipedia, the free encyclopedia
Poshmark, Inc.
Company typeSubsidiary
IndustryE-commerce
FoundedMay 10, 2011; 13 years ago (2011-05-10)
Founders
  • Manish Chandra
  • Tracy Sun
  • Chetan Pungaliya
  • Gautam Golwala
HeadquartersRedwood City, California, US
RevenueIncrease US$262 million (2020)[1]
Number of employees
c. 800 (2022)[2]
ParentNaver Corporation
Websiteposhmark.com

Poshmark is a social commerce marketplace where users can buy and sell new and secondhand fashion, home goods, and electronics. The platform has over 80 million users, with over 200M available listings. The company is headquartered in Redwood City, California, with offices in Canada (Vancouver), Australia (Melbourne), and India (Chennai). The company operates as an independent subsidiary of Naver Corporation since January 2023.

History

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Prior to Poshmark, Manish Chandra founded the social shopping company Kaboodle.[3] After selling Kaboodle to Hearst in 2007,[4] Poshmark was founded in 2011 by Chandra, Tracy Sun, Gautam Golwala, and Chetan Pungaliya in Manish’s garage.[5]

In November 2017, Poshmark announced that it had raised $87.5 million in Series D funding, at a valuation of nearly $600 million, in venture-backed funding led by Singapore-based Temasek. Menlo Ventures, GGV Capital, Mayfield and others also participated, bringing their total to date to $160 million.[6]

In a May 22, 2018 interview with Reuters, Poshmark's CEO and founder, Manish Chandra, stated that since Poshmark's launch, sellers on the website had earned $1 billion selling clothing and accessories. Reuters reported that "much" of these earnings were "concentrated in a group of sellers making five, six and even seven figures" [7]

On January 14, 2021, Poshmark went public, at a valuation of over $3 billion, listed on the Nasdaq Stock Market under the symbol POSH.[8] In October 2021, Poshmark announced its first acquisition, Suede One, a platform for checking the authenticity of sneakers.[9]

In October 2022, South Korean internet conglomerate Naver Corporation agreed to buy Poshmark for a total enterprise value of US$1.2 billion.[10] The acquisition finalized in January 2023.[11]

International expansion

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Poshmark announced its first international expansion to Canada in May 2019. As of May 2021, there are over 2.5 million Poshmark users in Canada who have listed nearly half a billion dollars worth of inventory.[12]

In February 2021, Poshmark announced its expansion to Australia as part of its strategy to drive long-term growth through international expansion, starting with English-speaking countries. It later expanded into India.[13]

References

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  1. ^ "Poshmark, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results". 11 March 2021.
  2. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2021-10-13. Retrieved 2020-12-02.{{cite web}}: CS1 maint: archived copy as title (link)
  3. ^ "Poshmark CEO Manish Chandra on engineering a fashion-tech unicorn". Vogue Business. 2019-06-11. Retrieved 2022-08-27.
  4. ^ "Hearst Acquires Kaboodle for $30+ million". TechCrunch. Retrieved 2022-08-27.
  5. ^ "Downloadable Assets". Poshmark PR. 2019-04-05. Retrieved 2022-06-06.
  6. ^ "Poshmark raises $87.5 million Series D, eyes expansion". ZDNet. Retrieved 2022-06-06.
  7. ^ "Online fashion marketplace Poshmark says its sellers have made $1 billion". Reuters. 2018-05-23. Retrieved 2022-06-06.
  8. ^ Palmer, Annie (2021-01-14). "Online clothing reseller Poshmark closes up more than 140% on first day of trading". CNBC. Retrieved 2022-06-06.
  9. ^ "Poshmark Buys Tech Platform to Boost Authentication Services". Bloomberg.com. 2021-10-13. Retrieved 2022-08-27.
  10. ^ Lee, Joyce (2022-10-03). "South Korea's Naver buys U.S. Poshmark in $1.2 billion deal, invites skepticism". Reuters.
  11. ^ Zaczkiewicz, Arthur (2023-01-05). "Naver Wraps Up Poshmark Acquisition". Women's Wear Daily.
  12. ^ "Poshmark Canada Turns Two, a Report by Poshmark". blog.poshmark.com. 2021-05-26. Retrieved 2022-06-06.
  13. ^ "Poshmark Mulling Expansion to Europe Amid Growing Resale Market". Bloomberg.com. 2021-12-16. Retrieved 2022-08-27.
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