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.
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.
The outerwear company is set to start selling wetsuits made in part by harvesting materials from old ones.
Companies like Hermès, Kering and LVMH say they have spent millions to ensure they are sourcing crocodile and snakeskin leathers responsibly. But critics say incidents like the recent smuggling conviction of designer Nancy Gonzalez show loopholes persist despite tightening controls.
Europe’s Parliament has signed off rules that will make brands more accountable for what happens in their supply chains, ban products made with forced labour and set new environmental standards for the design and disposal of products.