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.
France is pressing ahead with a ‘game-changing’ bill that would impose a ‘sin tax’-style penalty on fast-fashion products as high as €10 per item by 2030.
In the weeks since one of the industry’s most promising recycling start-ups filed for bankruptcy, big brands have put more money and more commitment into bringing innovations to market.
Thirty years of providing the world’s finest wool to the fashion house Loro Piana has done almost nothing for the Indigenous people of the Peruvian Andes.
The fast-fashion giant has joined Vargas and TPG to back a new polyester recycling venture following its failed bet on Renewcell.