June 13, 2019
Redwood City, California-based Poshmark—a social commerce marketplace where users can buy and sell new and secondhand fashion items— is moving into home furnishings, as well, where it will compete with the likes of Wayfair and its subsidiaries, Joss & Main, Birch Lane, and AllModern.
The company has announced the launch of Home Market—“an in-app marketplace to buy, sell, and connect around home decor.” Starting on June 11, Poshmark shoppers and sellers began buying, listing, “and discovering” a wide selection of home decor products, in addition to the 75 million listings in apparel, shoes and accessories already on the 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 & 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.”
The secondhand apparel market in the U.S. was worth $24 billion in 2018, compared with $35 billion for fast-fashion companies like H&M and Zara, according to data compiled by ThredUp and GlobalData Retail. But by 2028, CNBC notes, the used fashion market is set to jump in value to $64 billion, while fast fashion will only reach $44 billion, the firms said.
Poshmark’s new home vertical will be for things like wall art, pillows, candles and other smaller home goods, but not bulky furniture, Chandra said. Poshmark is still working on perfecting its logistics to be able to handle and ship heavier items, he explained.
Research contact: @Poshmarkapp