Poshmark expands its retail business, ventures into home décor
Category: #retail  By Pankaj Singh  Date: 2019-06-13
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Poshmark expands its retail business, ventures into home décor

The U.S.-based retail firm Poshmark has reportedly announced that it is expanding beyond its fashion market involving resale of clothes, bags, footwear and accessories to home decor.

The announcement comes along the heels of the company which garnered over $140 million of revenue in 2018, mainly by receiving a cut of 20% for every sale by way of commission.

In the same year, Poshmark launched a series of market under the name Posh Markets where the users can tap onto specific categories like that for women, men, kids, kicks, prom, luxury, plus size, petite, makeup, gifts, activewear, boutique and wholesale for a specified list of products one may be searching for.

Manish Chandra, CEO and Co-founder, Poshmark reportedly stated that the company has ventured into home décor segment and wishes to prove that its social commerce approach works beyond fashion. Chandra further added that the company expects to achieve a different kind of success with the new launch.

According to industry analysts, venturing into home decor will be extremely crucial for the company as it will have to rival against strong competitors like Houzz and Wayfair.

The company has set a trend in the fashion resale industry by helping people to sell their clothes or other accessories and make money. As per trusted sources, the consumers can buy items at a considerably lower rate. Not only does it sell but also provides a platform for enthusiasts to share common interests in clothing and comment on the products.

The home category in Poshmark will witness a host of products like curtains, bedding, wall art, office supplies, accent walls, bath and others again where people can resell their products.

Reportedly, Forbes has recognized Poshmark as one of the Forbes’ Next Billion Dollar Startup. The website of Poshmark lists over 75 million products and serves as a platform for over 50 million registered users.

 

Source: https://www.forbes.com/sites/bizcarson/2019/06/11/poshmark-selling-home-decor/#56c0b6592d25



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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