Poshmark Pays Out Over $2 Billion To Its Community Of Seller Stylists

The social commerce platform leads the way in democratizing retail at scale, empowering over seven million sellers and 50 million users nationwide.

Poshmark, a leading social commerce platform for the next generation of retailers and shoppers, today announced it has paid out over $2 billion to its community of seven million Seller Stylists who are reimagining and ushering in a new era of retail. The milestone illustrates how Poshmark uniquely serves as a springboard for sellers to build thriving businesses and brands, using a robust set of e-commerce tools to support the end-to-end social shopping experience. Today's announcement doubles the $1 billion milestone that Poshmark reached just over one year ago.
The retail landscape is shifting as consumers demand more from brands than ever before. Consumers reward sustainability and transparency, they value access to goods over ownership and are looking to develop meaningful connections with the retailers –– or resellers –– they engage with. Poshmark's social commerce platform is built on these shared values, effectively enabling a new generation of sellers to serve that consumer base and bring the human connection back into commerce. This flywheel of consumers, retailers, and Poshmark's platform has helped democratize retail as a whole –– making it easy for anyone to buy and sell coveted items, engage with like-minded people, or grow a thriving business. Poshmark's community has scaled to over 50 million users nationwide, including seven million Seller Stylists, who drive massive engagement on the platform. Today, Poshmark users spend 23-27 minutes on the platform, share 30 million listings daily, and have access to over $175 million worth of inventory uploaded to the platform every week, ranging from luxury fashion to streetwear to home decor.
"This is an incredible moment for resale and social commerce. As a leader of these two burgeoning retail models, we are proud to have created a platform where anyone can build a business doing what they love, and become part of a diverse and hyper-engaged community," said Manish Chandra, founder & CEO of Poshmark. "Today, Poshmark is the foundation for thriving retail and resale businesses and brands, who have amassed engaged followers, thousands of dollars of income, and a supportive, entrepreneurial community. The extraordinary success of these retailers, who are uniquely equipped to serve today's consumer, is indicative of the widespread growth and future promise of social commerce."
In a momentous year, Poshmark has surpassed a number of critical milestones, further delivering on its mission to democratize retail by enabling anyone to sell, shop, or share their style:

• Category Growth: Poshmark launched the Home Market in June 2019, expanding for the first time beyond fashion and makeup into a new area of retail. By launching a new category, Poshmark has expanded the opportunity for sellers and shoppers alike to connect, discover, and transact.
• International Expansion: Poshmark expanded the community into Canada in May 2019, the company's first international launch, enabling more people to participate in social selling. In the four months since launch, the Canadian Poshmark community has grown to over 300,000 users –– a milestone that took over 15 months to reach when Poshmark first launched in the app store in 2011.
• Leadership: Poshmark welcomed tennis champion Serena Williams and fashion industry veteran Jenny Ming to its board of directors, rounding out a board with a deep and diverse set of retail, entrepreneurial, and business experience.

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Fashion retail site Poshmark to delay IPO until 2020

 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%.

Founded by Chief Executive Officer Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothes harvested from closets.
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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