A Letter from the CEO: Building the Future of Poshmark

Dear Poshmark Community,

Last week, as we celebrated our 10th annual PoshFest, I watched this phenomenal community come together to inspire and support one another, embrace new ideas and build your businesses together. As I connected with many of you, I felt deeply energized and confident in our shared future. That’s why I’m thrilled to share our next step as a business, and what it means for you, the millions of Poshers who are the heart of this company.

Today, we announced that Poshmark has entered into an agreement to be acquired by Naver, Korea’s largest internet company. This is a tremendously exciting point in Poshmark’s journey. I believe this step will provide us with more resources and the flexibility of being a private company, strengthen our ability to serve our sellers and shoppers with new technology and world-class search capabilities, accelerate our live selling efforts, and leverage Naver’s significant resources and expertise to scale our community as it expands globally.  

Our mission has always been to put people at the heart of commerce, empowering everyone to thrive. We envisioned a vibrant community, equipped with leading-edge technology, that could share their style and create the largest network of shoppable closets across the world. By joining forces with Naver, we can build a more sustainable, more social future of shopping—on a much bigger scale. 

Once the transaction closes, Poshmark shareholders will realize significant and immediate value – Poshmark will no longer trade on the public markets, and for those of you who own Poshmark stock, you will receive $17.90 in cash per share. We will continue to operate independently, as a standalone subsidiary of Naver. Our current management team, brand, mission, values and—above all—our focus on our community, will remain the same. What will change is our capacity to invest in the areas that will enable our community to thrive for the next decade and beyond. We will be holding a fireside chat for our community in the coming week to answer all of your questions—stay tuned for an invitation to learn more about this exciting new chapter for Poshmark.

The future of fashion is in your closet, and I believe that this future is brighter than ever.

Sincerely,

Manish Chandra
Founder and CEO, Poshmark

Additional Information and Where to Find It

In connection with the proposed transaction between Poshmark (the “Company”) and Naver (“Naver”), the Company will file with the SEC a Proxy Statement, the definitive version of which will be sent or provided to Company stockholders. The Company may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which the Company may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS AND DOCUMENTS INCORPORATED BY REFERENCE THEREIN, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained by the SEC at http://www.sec.gov, the Company’s investor relations website at investors.poshmark.com or by contacting the Company’s investor relations department at the following: IR@Poshmark.com.

Participants in the Solicitation

NAVER and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from Poshmark’s stockholders in respect of the proposed transaction and any other matters to be voted on at the special meeting. Information regarding Poshmark’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, will be included in the Proxy Statement (when available). Poshmark stockholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed transaction, including the interests of Poshmark directors and executive officers in the proposed transaction, which may be different than those of Poshmark’s stockholders generally, by reading the Proxy Statement and any other relevant documents that are filed or will be filed with the SEC relating to the proposed transaction. You may obtain free copies of these documents using the sources indicated above.

Cautionary Statement Regarding Forward Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements are based on NAVER’s current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by NAVER and Poshmark, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control, and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transaction or to make or take any filing or other action required to consummate the proposed transaction on a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the ability of the parties to consummate the proposed transaction in a timely manner or at all; (ii) the satisfaction (or waiver) of closing conditions to the consummation of the proposed transaction; (iii) potential delays in consummation the proposed transaction; (iv) the ability of NAVER to timely and successfully achieve the anticipated benefits of the proposed transaction; (v) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement; (vi) the impact of the COVID-19 pandemic and the current conflict between the Russian Federation and Ukraine on NAVER’s business and general economic conditions; (vii) NAVER’s ability to implement its business strategy; (viii) significant transaction costs associated with the proposed transaction; (ix) potential litigation relating to the proposed transaction; (x) the risk that disruptions from the proposed transaction will harm NAVER’s business, including current plans and operations; (xi) the ability of NAVER to retain and hire key personnel; (xii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (xiii) legislative, regulatory and economic developments affecting NAVER’s business; (xiv) general economic and market developments and conditions; (xv) the evolving legal, regulatory and tax regimes under which NAVER operates; (xvi) potential business uncertainty, including changes to existing business relationships, during the pendency of the merger that could affect NAVER’s financial performance; and (xviii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as NAVER’s response to any of the aforementioned factors. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the Proxy Statement to be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the Proxy Statement will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability and similar risks. The forward-looking statements included herein are made only as of the date hereof. NAVER does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.


ICYMI: Latest Features Announced at PoshFest 2022

We just announced an exciting roundup of new features at PoshFest. If you didn’t get a chance to tune in, don’t worry—we got you! Along with the beta launch of Posh Shows, we announced more seller features to keep on your radar. From listing to getting paid, check out these highly-requested features below that will be rolling out over the next few months to ac-SELL-erate your sales.

  • My Saved Searches: The wait is almost over! Coming shortly, we’ll automatically share listings to the most relevant shoppers who are looking for items like yours.
  • Scale to Fit Photos: Cropping photos when creating listings? Soon, you’ll be able to pinch and zoom out so that your full item is visible in the frame!
  • Update on Search: Starting this weekend, we’re rolling back our recent changes to Search—get your listings ready!
  • No Printer Shipping: No printer? No problem! Sellers in the U.S. will be able to take your package directly to USPS and show them a QR code that’ll print and ship it all in one go (goodbye printing labels yourself!).

Added Payout Options: We’re adding faster payout options for you to access your earnings faster than before. Coming soon, sellers in the U.S. will be able to cash out with Instant Transfer, PayPal, and Venmo. Sellers in Canada will be able to cash out with PayPal. 

If you didn’t get a chance to tune in, be on the lookout for recordings of must-see sessions from this year’s PoshFest to level-up your seller knowledge:

It’s an exciting time to be a Poshmark seller. Whether you’re full-time or selling to make room for next season’s styles, we’re giving you the tools to sell, ship, and get paid faster than before. Want to be the first to see more posts like this? Subscribe to the blog and follow us on Instagram

Introducing Secondhand Sunday: Encouraging Everyone to Shop Secondhand this Holiday Season

Today, we announce the creation of National Secondhand Sunday, the first-ever holiday dedicated to supporting secondhand sellers, circular fashion, and the planet during the peak holiday shopping season. The Registrar at National Day Calendar proclaimed Secondhand Sunday will be observed on the first Sunday following Thanksgiving annually. The inaugural Secondhand Sunday will take place Nov 27, 2022.

But, this is so much more than just a holiday to us—it’s a movement encouraging everyone to shop secondhand.`

This holiday season is primed to be the biggest on record for secondhand gifting. Inflation is making secondhand gifting more appealing than ever with about two in five consumers concerned rising costs will result in spending more when it comes to holiday shopping this year. Yet, they still want to find those extra special gifts. Couple that with the independent research**, showing more than 90% of US adults are open to receiving a secondhand or resale gift this holiday season, yet only a third (34%) are likely to buy them for others, and our community has a unique opportunity to support shifting shopping habits and encourage consumers to think secondhand when they’re crossing off their holiday list. 

Enter Secondhand Sunday: a movement to encourage everyone to experience the magic of shopping personal – buying unique and one-of-a-kind items from individual sellers instead of traditional retailers. As a seller, be on the lookout for a series of opportunities, promotions and events leading up to Secondhand Sunday on 11/27. Today is just the beginning, but here are a few ways you can get involved:

  1. Spread the Word
  • Go to Secondhand Sunday to share your story about why you will shop and sell secondhand this holiday season—we would love to feature you! Encourage friends and family to choose secondhand and share the love on social by using #SecondhandSunday.
  1. Shop Secondhand: 
  • Poshmark is the ideal one-stop-shop to find must-have gifts for everyone on your list (and for yourself!). TikTok famous Stanley cups? Yes, we have them. Birkenstock Boston Clogs? We have those too. Vintage Betsey Johnson? Absolutely. By choosing to shop from a Poshmark seller, you’re supporting an actual person and their hopes and their dreams. Plus, buying secondhand is just straight up better for the planet. 
  1. Stock Your Closet: 
  • When it comes to gifting this holiday season, the top motivator for secondhand shoppers is to find deals (60%), especially on luxury (42%) and unique/vintage items that can’t be found elsewhere (54%). Buyers are gearing up to shop, so the time to list is now! By selling your preloved styles on Poshmark, not only are you contributing to the circular economy but you can make extra cash to pay for all of the gifts on your list.

Mark your calendars—Secondhand Sunday is happening 11/27—right between Black Friday and Cyber Monday.  We can’t wait to see how you make this holiday your own!

** Independent research commissioned by Poshmark and conducted by global research firm Morning Consult

New Beta Test: Posh Shows

Posh Shows is a new feature currently in beta, designed to bring the community together to shop and sell LIVE.

Explore upcoming Posh Shows starting September 22nd by heading to the Shop tab in the app. 

Be sure to update your app to view upcoming Posh Shows.

Check out some Posh Shows Beta FAQs below: 

What is a beta test? 
This is a test that releases a new feature to a small group of users. The goal is to gather feedback and then make improvements before it’s officially launched more broadly!

Who currently has access to create a Posh Show? 
We are currently beta testing with a small, invite-only US-based audience and plan to release more broadly once we have gathered feedback and made improvements. All registered attendees of Poshfest 2021 and 2022 were invited as participants, as well as local Bay Area Posh Ambassadors and sellers who attended our most recent Posh Party Live event.  

Is there any way to host a Posh Show if I didn’t receive an invite to the beta?
We look forward to involving our entire seller community after the beta testing period has ended. Currently, if you are a US-based Poshmark seller with previous live selling experience and would like to help us test the new feature, or have general feedback about live selling, please fill out this form. After completing the form, we will follow-up as soon as we’re ready to add you to the beta! Please lookout for updates regarding next steps sent via email.

Can anyone join and/or shop a Posh Show?

All Poshmark users can join shows. Please note that a US shipping address and payment card information is required to purchase during this beta. If you want to support fellow sellers, view shows, or shop—please head to the Shop tab in the app. Be sure to update to the latest version of the Poshmark app.

Can I purchase items during a Posh Show? 
Yes! A seller can choose to feature their listings during a Posh Show. These featured listings can be purchased by placing a bid on an item during an auction. Please note that all bids are binding. Your items will ship just like any other purchase. 

Have more questions? Head to our Support Center article for answers to even more FAQs.

Latest Feature Updates on Posh: September 2022

Update alert! In case you missed it, check out our newest features and announcements below to stay on top of the latest and greatest from Poshmark HQ.

Men’s Big & Tall Sizing

Been waiting to list extended men’s sizes? Now, you can! We’ve added men’s Big & Tall sizing to our catalog. 

  • Looking for sourcing inspiration? Take advantage of the new sizes and start your hunt today! 
  • Have these listings in your closet already? Update the listing size so your items will surface to shoppers who filter their search to Big and Tall.   
  • Join Everything Big, Tall, & Plus Posh Parties to help your listings reach interested shoppers. 

New Requirements for Shipping U.S. Electronics 

USPS recently issued new requirements and no longer allows electronics items containing or packed with lithium batteries to be shipped using Priority Mail. To address this new protocol and simplify the shipping process, as of September 12th all electronics must be shipped through Parcel Select, a USPS 2-5 day, surface transportation option. Take the following steps to pack and ship U.S. electronics items*: 

  • Securely package your item in a non-Priority Mail box and attach your Parcel Select shipping label.

If your item contains or will be packed with a lithium battery, add the below to the same side of the package as your shipping label.  

  • Add the Poshmark-provided DOT label (in color), or use your own and write “Restricted Electronic Device” and “Surface Transportation Only”.

Head to the Support Center for full details.

*Please note that USPS may refuse or return shipments containing electronics items that are not properly labeled, packed, or shipped. Poshmark is not liable for shipments refused or returned due to failure to meet USPS shipping requirements. 

PoshFest is next week! Missed out on grabbing a ticket? Here’s how you can join in from home. 

  • Check out the PoshFest 2022 agenda to find the Main Stage sessions that interest you. We will broadcast select sessions live so you can connect with us from anywhere!
  • Be on the lookout for the next ICYMI Blog post, where we will recap the newest features announced at Hackathon. 

Want more information? Head to our PoshFest homepage to learn more. 

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