Even with a dip on Friday, Poshmark outperformed expectations during its first few days on the Nasdaq.
While the apparel category has struggled during the pandemic and is attempting to bounce back, secondhand sales still may be a strong performer. Poshmark’s revenue for the first nine months of the year came to nearly $193 million, up 28% year over year.
The platform’s success, along with other resellers like ThredUp “underscores the demand to participate in resale as a seller, which we believe has likely been super-charged by the pandemic” according to MKM Partners Managing Director Roxanne Meyer, in a Friday note.
Source: Retail Dive
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