What is Poshmark? Poshmark Review

Poshmark is a fashion + e-commerce platform located in Redwood City, California. It sells clothing and accessories, including second-hand T-shirts, high-end boutique women's clothing and private labels. Consumers can bid on the products and it is known as the overseas version of "Xianyu".

About Poshmark

The platform has more than 25 million products from more than 5,000 brands, including Nike, MK, LV, Lululemon, Coach and Chanel.

Poshmark collects user data to provide consumers with personalized clothing suggestions, and independent stylists will give consumers professional fashion advice.

Poshmark looks more like social media than a marketplace. For example, users are invited to browse friends' items and see what others are buying. The company's business model is also different.

Poshmark doesn’t buy any inventory. It wants its platform to mimic the in-store shopping experience, complete with stylists and a huge selection of merchandise.

Poshmark is exploring other markets besides second-hand luxury goods. Some designers are selling new products on its platform. Currently, about 1/3 of the goods sold on the Poshmark platform are new products.

commission

Poshmark charges a 20% commission on items consigned on the platform.

Partnering with Amazon

Poshmark is working on voice integration with Amazon Alexa. With this new technology, users can describe what they want in words, and Poshmark will provide appropriate options based on their needs.

Financing

When Poshmark was announced, it reached a preliminary financing agreement with Mayfield Fund, SoftTecHVC, SV Angel and Kanwal Rekhi.he. In December of the same year, the financing totaling US$3.5 million was announced to be completed.

In 2012, Poshmark received a $12 million Series B funding led by Menlo Ventures

In April 2015, Poshmark, an American fashion trading community, announced today that it had received $25 million in financing led by GGV Capital. Mayfield Venture Capital, Menlo Ventures, Inventus CAPItal, Union Grove Venture Partners, Shea Ventures, AngelList and SoftTech VC all participated in this round of investment.

In November 2017, Poshmark, a US second-hand luxury goods e-commerce company, received an investment of US$87.5 million. This round of financing was led by Singapore's Temasek, with participation from Menlo Ventures, GGV Capital and Mayfield.

Development History

-In December 2011, Poshmark released an iPhone terminal based on the iOS operating system based on the web. The number of product users quickly soared. At the same time, Poshmark also stated that other terminal versions such as iPad and Android platforms are also officially on the agenda. Poshmark is positioned as a convenient and fast second-hand trading platform, with mobile terminals as its focus.

-In December 2012, Poshmark had 20 employees, and users on its existing iOS app and web terminals uploaded products for sale worth more than $100 million each year, and 25% of the products were eventually successfully sold. At the same time, according to its internal data, 70% of customers who bought things on Poshmark would in turn become Poshmark sellers.

-In 2012, Poshmark online trading platform completed transactions of more than 100,000 products, with a total transaction volume of more than US$25 million.

-In September 2013, CEO Manish Chandra revealed that the company's mobile app (currently only available in the United States) has 250,000 active female users who are very active in selling their unwanted clothes on it, spending more than 30 minutes on Poshmark every day. In October, Poshmark's number of employees exceeded 50, and the service scope is still limited to the United States.

-In November 2013, Poshmark released the Android version of its online terminal.

-In 2018, the company stepped up its expansion into the Asian and European markets.