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.
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Fashion’s biggest sustainable cotton certifier said it found no evidence of non-compliance at farms covered by its standard, but acknowledged weaknesses in its monitoring approach.
As they move to protect their intellectual property, big brands are coming into conflict with a growing class of up-and-coming designers working with refashioned designer gear.
The industry needs to ditch its reliance on fossil-fuel-based materials like polyester in order to meet climate targets, according to a new report from Textile Exchange.