“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.
“Since selling in college, I’ve made $65,000 just on Poshmark,” Gibbs says. “Poshmark is my sole source of income. It pays for my rent, my food, my gas, my car, my phone, and I pay my parents for health insurance.”
U.S. Women’s National Soccer League star Alex Morgan has teamed up with online resale marketplace Poshmark to put her closet on sale for charity. The collection includes 40 items from the soccer star’s wardrobe, including clothing, shoes and accessories from brands like Giuseppe Zanotti, Nike, Off-White, Stuart Weitzman and more. Prices range between $21 and $2,000, with all proceeds from sales being donated to two animal welfare organizations: The Animal League – Central Florida Humane Society and The HIT Living Foundation.