Poshmark is looking to capitalize on the booming market for secondhand clothing.
The online fashion resell marketplace has filed for an initial public offering. It did not disclose the number or shares or the price range, but it reportedly is looking sell $100 million worth of shares. Poshmark has applied to trade on the Nasdaq Global Select Market under the ticker symbol “POSH.
Founded in 2011, Poshmark said, as of September, it had 31.7 million active users, of which 80% belonged to the millennial or Gen Z generations. Users spent an average of 27 minutes a day on its marketplace, the company said in its S-1 filing with the U.S. Securities and Exchange Commission.Chain Storeage