Founded by CEO Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothes harvested from closets. (Facebook pic)
NEW YORK: Poshmark Inc, an online resale marketplace for second-hand clothing, has delayed plans for an initial public offering until next year, according to people familiar with the matter.
The Redwood City, California-based company has put off the potential IPO to focus on boosting sales and improving its execution, said the people, who asked to not be identified because the matter isn’t public.
A representative for Poshmark didn’t respond to requests for comment.
Poshmark had been one of several e-commerce companies looking to go public this year amid a wave of IPOs that included two online retailers in June. The RealReal Inc has fallen about 31% since then while Revolve Group Inc. has risen about 20%.
The company, whose website allows shoppers to exchange comments on products, has been at the forefront of the online shopping trend known as “social commerce.”
The company announced in February that tennis champion Serena Williams was joining its board. In June it said it was expanding its marketplace to include home decor.
Poshmark was working with Goldman Sachs Group Inc and Morgan Stanley on IPO slated for as soon as this fall, The Wall Street Journal reported in April.
Representatives for Goldman Sachs and Morgan Stanley declined to comment.
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