The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
REDWOOD CITY, United States — Poshmark Inc., an online resale marketplace for secondhand clothing, said it has filed confidentially for an initial public offering.
The number of shares and the price range for the IPO haven’t been determined, Poshmark said in a statement Friday.
The Redwood City, California-based company had put off a potential IPO to focus on boosting sales and improving its execution, people familiar with the matter said last September.
Founded by Chief Executive Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothing. The company’s website lets shoppers exchange comments on products, putting Poshmark at the forefront of the online shopping trend known as “social commerce.”
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The company announced in February 2019 that tennis champion Serena Williams was joining its board. The following June, it said it was expanding its marketplace to include home decor.
Poshmark rival ThredUp Inc. is also pursuing an IPO, people familiar with the San Francisco-based company’s plans said in August. ThredUp’s IPO, targeted for early next year, could raise $200 million to $300 million, one of the people said.
By Michael Hytha.
A study published this week found traces of cotton from Xinjiang in nearly a fifth of the products it examined, highlighting the challenges brands face in policing their supply chains even as requirements to do so spread to raw materials from diamonds to leather and palm oil.
Overconsumption and fast fashion have become easy targets for brands flexing their climate-friendly attributes. Consumers may agree with the message — but take issue with a self-righteous tone.
Traces of cotton from Xinjiang were found in nearly a fifth of samples from American and global retailers, highlighting the challenges of complying with a US law aimed at blocking imports that could be linked to forced labour in China.
The fashion industry continues to advance voluntary and unlikely solutions to its plastic problem. Only higher prices will flip the script, writes Kenneth P. Pucker.