Poshmark
{{Short description|Social commerce website}}
{{Infobox company
| name = Poshmark, Inc.
| logo = Poshmark logo.png
| image =
| image_caption =
| type = Subsidiary
| industry = E-commerce
| founded = {{start date and age|2011|05|10}}
| founders = {{unbulleted list|Manish Chandra |Tracy Sun |Chetan Pungaliya |Gautam Golwala}}
| location = Redwood City, California, U.S.
| num_employees = {{circa|800}} (2022){{Cite web |url=https://www.42.us.org/wp-content/uploads/2018/10/poshmarkPDF-2.pdf |title=Archived copy |access-date=2020-12-02 |archive-date=2021-10-13 |archive-url=https://web.archive.org/web/20211013173845/https://www.42.us.org/wp-content/uploads/2018/10/poshmarkPDF-2.pdf |url-status=dead }}
| revenue = {{nowrap|{{Increase}} US$262 million (2020)}}{{Cite web|url=https://www.globenewswire.com/news-release/2021/03/11/2191718/0/en/Poshmark-Inc-Reports-Fourth-Quarter-and-Full-Year-2020-Financial-Results.html|title=Poshmark, Inc. Reports Fourth Quarter and Full Year 2020 Financial Results|date=11 March 2021}}
| parent = Naver Corporation
| website = {{url|poshmark.com}}
}}
Poshmark, Inc. is a social commerce marketplace where users can buy and sell new and second-hand fashion, home goods, and electronics. The platform has over 80 million users, with over 200 million available listings. The company is headquartered in Redwood City, California, with offices in Canada (Vancouver), Australia (Melbourne), and India (Chennai).
It was acquired by South Korean internet conglomerate Naver Corporation in January 2023 for US$1.2 billion.
History
Prior to Poshmark, Manish Chandra founded the social shopping company Kaboodle.{{Cite web |date=2019-06-11 |title=Poshmark CEO Manish Chandra on engineering a fashion-tech unicorn |url=https://www.voguebusiness.com/technology/poshmark-unicorn-ceo-manish-chandra-interview |access-date=2022-08-27 |website=Vogue Business |language=en-US}} After selling Kaboodle to Hearst in 2007,{{Cite web |title=Hearst Acquires Kaboodle for $30+ million |url=https://techcrunch.com/2007/08/08/hearst-acquires-kaboodle-for-30-million/ |access-date=2022-08-27 |website=TechCrunch |language=en-US}} Poshmark was founded in 2011 by Chandra, Tracy Sun, Gautam Golwala, and Chetan Pungaliya in Manish’s garage.{{Cite web |date=2019-04-05 |title=Downloadable Assets |url=https://newsroom.poshmark.com/downloadable-assets/ |access-date=2022-06-06 |website=Poshmark PR |language=en-US}}
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.{{Cite web |title=Poshmark raises $87.5 million Series D, eyes expansion |url=https://www.zdnet.com/article/poshmark-raises-87-5-million-series-d-eyes-expansion/ |access-date=2022-06-06 |website=ZDNet |language=en}}
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" {{Cite news |date=2018-05-23 |title=Online fashion marketplace Poshmark says its sellers have made $1 billion |language=en |work=Reuters |url=https://www.reuters.com/article/us-startups-poshmark-idUSKCN1IO2C0 |access-date=2022-06-06}}
On January 14, 2021, Poshmark went public, at a valuation of over $3 billion, listed on the Nasdaq Stock Market under the symbol POSH.{{Cite web |last=Palmer |first=Annie |date=2021-01-14 |title=Online clothing reseller Poshmark closes up more than 140% on first day of trading |url=https://www.cnbc.com/2021/01/14/poshmark-ipo-posh-starts-trading-on-nasdaq.html |access-date=2022-06-06 |website=CNBC |language=en}} In October 2021, Poshmark announced its first acquisition, Suede One, a platform for checking the authenticity of sneakers.{{Cite news |date=2021-10-13 |title=Poshmark Buys Tech Platform to Boost Authentication Services |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2021-10-13/poshmark-buys-tech-platform-to-expand-authentication-services |access-date=2022-08-27}}
In October 2022, South Korean internet conglomerate Naver Corporation agreed to buy Poshmark for a total enterprise value of US$1.2{{nbsp}}billion.{{cite web |last=Lee |first=Joyce |date=2022-10-03 |work=Reuters |title=South Korea's Naver buys U.S. Poshmark in $1.2 billion deal, invites skepticism |url=https://www.reuters.com/markets/deals/skoreas-naver-says-it-will-acquire-poshmark-us-16-bln-2022-10-03/}} The acquisition finalized in January 2023.{{cite news |last=Zaczkiewicz |first=Arthur |url=https://wwd.com/business-news/mergers-acquisitions/poshmark-acquisition-naver-1235461724/ |title=Naver Wraps Up Poshmark Acquisition |date=2023-01-05 |work=Women's Wear Daily}}
International expansion
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.{{Cite web |date=2021-05-26 |title=Poshmark Canada Turns Two, a Report by Poshmark |url=https://blog.poshmark.com/2021/05/26/poshmark-canada-turns-two-a-report-by-poshmark/ |access-date=2022-06-06 |website=blog.poshmark.com |language=en-US}}
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.{{Cite news |date=2021-12-16 |title=Poshmark Mulling Expansion to Europe Amid Growing Resale Market |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2021-12-16/poshmark-mulling-expansion-to-europe-amid-growing-resale-market |access-date=2022-08-27}}
References
{{Reflist}}
External links
- {{url|https://poshmark.com/}}
{{Naver}}
Category:Companies based in Redwood City, California
Category:American companies established in 2011
Category:Retail companies established in 2011
Category:Internet properties established in 2011
Category:2011 establishments in California
Category:Online marketplaces of the United States
Category:2021 initial public offerings
Category:Companies formerly listed on the Nasdaq