US reselling marketplace Poshmark launches in Australia
Poshmark founders (L-R) Chetan Pungaliya, Tracy Sun, Manish Chandra and Gautam Golwala. Source: Poshmark/Jen Kay
Fast-growing secondhand marketplace Poshmark is making a play for a piece of Australia’s accelerating e-commerce market, one month after listing on the Nasdaq.
The resale platform launched its Australian offering earlier this week, marking its first expansion beyond North America.
Poshmark sells both new and secondhand products across a number of categories, including fashion, beauty, pet accessories, and lifestyle and homewares.
The e-commerce player was established in California in 2011 and expanded to Canada in mid-2019.
It went public in January and is currently valued at US$5 billion ($6.4 billion), with a userbase of 70 million in the US and Canada.
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Poshmark (NASDAQ:POSH) has filed its S-1 and is looking to go public on January 13th. But how does this social media-driven resale marketplace compare to others? In this episode of
Industry Focus: Consumer Goods, join host Emily Flippen and Motley Fool contributor Asit Sharma as they break down Poshmark s business and discuss if this new IPO is worth a second look.
Poshmark files for IPO: Bay Area used clothing seller says it’s profitable [San Francisco Chronicle]
Dec. 18 Redwood City’s Poshmark filed for an initial public offering Thursday and disclosed that it became profitable for the first time during the pandemic.
The company, an e-commerce marketplace for used accessories, clothing and shoes, said it benefited from the coronavirus pandemic as health orders shut down shops across the country, working from home became standard and unemployment rapidly rose.
Demand for cheaper used goods, less need for new work outfits and people looking to turn closets into cash all served to boost Poshmark’s business. The company said in its filing that it serves as a source of additional income for its users.