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 “...

Business

Poshmark's Q3 revenues increase 11 percent

Poshmark, Inc., a social marketplace for new and secondhand style, posted net revenues of 88.4 million dollars in the third quarter of 2022, up 11 percent from the third quarter of 2021. Gross Merchandise Value (GMV) grew 7 percent to 475.6 million dollars. GAAP net loss per share was 30 cents compared to 9 cents in the third quarter of 2021. “...

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...

Business

Poshmark posts Q2 sales growth of 9 percent

Poshmark, Inc. posted net revenues of 89.1 million dollars in the second quarter of 2022, which is a 9 percent year-over-year increase from the second quarter of 2021. Gross merchandise value (GMV) grew 8 percent to 483.5 million dollars, up from 449.6 million dollars in the same period last year. “We reported a strong quarter despite a tough...

Business

Poshmark set to join Russell 3000 Index

Poshmark, Inc. is set to join the broad-market Russell 3000 Index at the conclusion of the 2022 Russell indexes annual reconstitution, effective after the US market opens on June 27, according to a preliminary list of additions posted June 3, 2022. The company said in a statement that the annual Russell indexes reconstitution captures the 4,000...

Business

Poshmark Q1 revenues up 13 percent

Poshmark, Inc. posted net revenues of 90.9 million dollars in the first quarter of 2022, a 13 percent increase from the first quarter of 2021. The company’s gross merchandise value (GMV) grew 12 percent to 493.4 million dollars, up from 441 million dollars in the same period last year. “We continue to innovate for both buyers and sellers and...

Business

Poshmark posts increase in Q4 revenue and GMV

Poshmark, Inc., a social marketplace for new and secondhand style, posted net revenues of 84.2 million dollars in the fourth quarter of 2021, up 22 percent over the fourth quarter of 2020. Gross merchandise value (GMV) grew 27 percent to 490.8 million dollars for the quarter. Full year GMV was 1.8 billion dollars, an increase of 27 percent over...