A Vancouver woman has discovered a way to part with some of her gently used clothes and make money doing it, too. Jessica Luxe has a taste for fashion and wanted to find a new home for some items she wanted to recycle. So she signed up with Poshmark, an app for those who are passionate about fashion. “I’ve been on the app for two months and I’ve made $1,500,” said Luxe.
In the modern NBA, being a superstar means much more than just being good at basketball—it means being a fashion icon, as well. To demonstrate, peer-to-peer fashion resale platform Poshmark released new data highlighting the trends and styles that saw noticeable growth with shoppers as a result of fashion trends brought to the fore by NBA luminaries over the 2018-2019 season.
“Today, Poshmark is the foundation for thriving retail and resale businesses and brands, which have amassed engaged followers, thousands of dollars of income, and a supportive, entrepreneurial community,” said Manish Chandra, founder and chief executive officer of Poshmark. “Their success is indicative of the widespread growth and future promise of social commerce.”
Today, the eight-year-old company announces it has paid out $2 billion to its community of seven million sellers. And what’s even more surprising is that a year ago, the company hit its $1 billion milestone, meaning it has doubled revenues generated for sellers in a single year. It’s just another sign that the resale market is gaining speed.
After nearly a decade of building a community of 40 million that buys, sells and shares fashion online, Poshmark co-founder Tracy Sun is moving the company into the home. On the latest episode of the Business of Home podcast, Sun chats with host Dennis Scully about why the power is in consumers’ hands now, the overlap between fashion and interior design, and what being customer centric actually means.