Poshmark news and archive

Poshmark introduces machine learning feature to better promote products

Resale marketplace Poshmark has put a new machine learning feature into place that hopes to accelerate sales for sellers while driving increased engagement from shoppers. Dubbed ‘Promoted Closet’, which is already available in the US, the tool utilises machine learning to match shoppers’ search terms with promoted listings in a bid to enhance...

Business

Poshmark and EnviroKlenz team up to reduce clothing waste

Poshmark, a second hand market place, and EnviroKlenz, provider of innovative laundry solutions, announced their new partnership in cooperation with brand ambassadors to promote second hand shopping and reduce textile waste. The intention is to retain clothes “in circulation for longer and help make a positive impact on the planet”, as stated in...

Business

Resale platform Open for Vintage launches in US

Europe-based resale platform Open for Vintage (OFV) has set its sights on the US market, partnering with Poshmark to power its launch in the region. Through the deal, over 100,000 authenticated, pre-owned luxury items will be made available via the OFV Poshmark closet, allowing US consumers to access the platform’s services for the first time....

Business

Naver finalises Poshmark acquisition and delists company

South Korean tech company Naver Corp has announced the completion of its acquisition of social commerce marketplace Poshmark. As initially announced, Naver signed an agreement with the resale site to acquire all of its shares, representing an enterprise value of approximately 1.2 billion dollars. In a release, Naver said that the combination “...

BusinessFeatured

Poshmark and Naver acquisition deal under investigation

Following the announcement of Naver’s intention to acquire secondhand marketplace Poshmark, two law firms have come forward to launch investigations into whether the duo acted in the best interest of its shareholders. Earlier this week, South Korea’s Naver had said it had signed an agreement with the resale platform to acquire all of its shares...

Business

South Korea's Naver to buy US e-commerce site Poshmark

South Korean internet giant Naver is buying Poshmark, a US online marketplace for used clothing, for roughly 1.2 billion dollars, the companies said Tuesday. The deal -- worth about 1.6 billion dollars in total when Poshmark's cash holdings are included, according to Naver -- is expected to close by the first quarter of 2023, the firms said....

BusinessFeatured

Naver Corp to acquire Poshmark for 1.2 billion dollars

Korean firm Naver Corp. has signed an agreement with Poshmark, Inc., an e-commerce marketplace for new and secondhand style, to acquire all shares of Poshmark for 17.90 dollars in cash, representing an enterprise value of approximately 1.2 billion dollars. The company said in a statement that the transaction represents a premium of 15 percent to...

Fashion

Doja Cat launches charitable collaboration with Poshmark

Resale marketplace Poshmark has revealed a collaboration with popular musician Doja Cat, revealing a curated collection of goods that are reminiscent of the singer’s style. To launch the collaboration, Doja Cat dropped 13 personal items on the platform available for purchase by Poshmark users. Pieces sold out within one hour, with all proceeds...

People

Poshmark taps new CFO

US second-hand fashion marketplace Poshmark has named Rodrigo Brumana as its new chief financial officer, effective December 1. He joins from Amazon, where he’s held the same role at the US retail giant’s Private Brands division. Prior to joining Amazon, he was CFO of online marketplace OfferUp, and also led finance and analytics for eBay...

Fashion

Poshmark launches Brand Closet

Social marketplace Poshmark has launched its Brand Closet program. The program allows large scale brands to connect with millions of Poshmark’s shoppers. Utilising social merchandising tools designed to engage with the 80 million plus Poshmark users, brands can connect, converse and sell directly through the program. Through the Brand Closet,...

BusinessFeatured

Poshmark acquires sneaker authentication platform Suede One

US second-hand fashion marketplace Poshmark has bought sneaker authentication platform Suede One for an undisclosed sum. It marks the first acquisition by Poshmark as it continues to establish itself as one of the major players in the burgeoning resale market. “We are laser-focused on making strategic investments that fuel the continued growth...

BusinessFeatured

Poshmark Q2 revenue up 22 percent

US second-hand fashion platform Poshmark has reported a 22 percent increase in net revenue in the second quarter of the year. For the three months to June 30, revenue increased to 81.76 million dollars compared to 66.87 million dollars a year earlier as its trailing 12 months active buyer numbers increased 16 percent to 7 million. Gross...