Poshmark PR

Fashion trends are shifting as consumers prepare for the post-pandemic world, Manish Chandra, CEO of online resaler Poshmark, told CNBC Thursday. Sales of clothing for going out are on the rise after roughly a year of lockdowns.

Meanwhile, fitness apparel purchases are on the decline, and the e-commerce platform is a channel for buyers and sellers to “purge” their closets, he said in a one-on-one with “Mad Money” host Jim Cramer.

“In a way, it’s a gigantic purge, but your purge is value for someone else,” Chandra said.

Poshmark started taking applications from eligible sellers on Thursday for the company’s second round of its Heart and Hustle Fund, a $500,000 pot of money that the platform plans to mete out this year. Every three months, the company will give $5,000 each to 12 sellers, and $500 grants to 130 sellers. On top of funding, winners also get to join a private Discord group with other grant recipients, as well as invitations to presentations and working sessions with the Poshmark team driven by the cohort’s interests.

Viral sensation, gay icon and fashion trendsetter, Tika the Iggy, has launched her very own closet on Poshmark, selling her previously loved items, including leashes, onesies and sweaters, nationwide for dog owners to snatch up for their own fur babies. All proceeds of the sale will go to Rainbow Railroad, a Canadian not-for-profit organization that helps LGTBQI+ people facing persecution based on their sexual orientation, gender identity and sex characteristics.

Manish Chandra, founder and CEO of Poshmark joins BNN Bloomberg to discuss the company’s growth, and how they plan to further connect socials with the retail experience.

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