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 second-hand clothing, has delayed plans for an initial public offering until next year, according to people familiar with the matter.
The Redwood City, California-based company has put off the potential IPO to focus on boosting sales and improving its execution, said the people, who asked to not be identified because the matter isn’t public.
A representative for Poshmark didn’t respond to requests for comment.
Poshmark had been one of several e-commerce companies looking to go public this year amid a wave of IPOs that included two online retailers in June. The RealReal Inc. has fallen about 31 percent since then while Revolve Group Inc. has risen about 20 percent.
ADVERTISEMENT
Founded by Chief Executive Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothes harvested from closets. The company, whose website allows shoppers to exchange comments on products, has been at the forefront of the online shopping trend known as “social commerce.”
The company announced in February that tennis champion Serena Williams was joining its board. In June it said it was expanding its marketplace to include home decor.
Poshmark was working with Goldman Sachs Group Inc. and Morgan Stanley on IPO slated for as soon as this autumn, The Wall Street Journal reported in April. Representatives for Goldman Sachs and Morgan Stanley declined to comment.
By Liana Baker; editors: Liana Baker, Michael Hytha and Matthew Monks.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.