Poshmark Expands Into Home Decor Category
Poshmark started eight years ago as a way for women to offload their extra clothes and make money, like a more social eBay where people could comment and share the clothes they liked. It has since become a retail empire that racked up an estimated $140 million in revenue in 2018, thanks to its 20 percent cut of every sale, and expanded into categories like menswear, makeup and kids. Now, ahead of a rumored IPO in fall 2019, Poshmark is undertaking its biggest market expansion yet: home decor. With the launch of home decor, Poshmark users will be able to sell everything from curtains and comforters to storage supplies and picture frames. The company stops short of large furniture, though, since all items have to travel through the mail.
Total Retail's Take: Poshmark's move into home decor is a testament to the success of the brand's social commerce model, and makes sense for a couple of reasons. One, it's a natural transition into a broader lifestyle category that aligns nicely with fashion and apparel. Second, like its current fashion merchandise, home decor is a visual-centric category that figures to effectively engage shoppers on Poshmark's social commerce platform.
"With the launch of the Home Market, we're taking our first step into broader lifestyle categories and expanding our social marketplace beyond the closet," said Manish Chandra, founder and CEO of Poshmark, in a company press release. "This Market launch reiterates the power of Posh Markets to scale social commerce and enables Poshmark to continue transforming the e-commerce experience."