At Poshmark, our community has always been at the heart of everything we do. As we prepare to wind down Poshmark UK, Poshmark Australia, and Poshmark India, we want to ensure that your passion, dedication, and unique style find a new place to shine.
To this end, we’d like to offer some tips on navigating this transition.
Relocating Your Closet: Want to take your Poshmark content with you? Download your inventory report, which captures details of your active listings. This can be particularly useful if you’re looking to bulk upload items to another platform. Please ensure this is completed before November 2, 2023.
Exclusive Incentives from Other Platforms: As a token of appreciation for our community, several marketplaces are rolling out special offers for Poshmark sellers:
Depop: Benefit from zero selling fees for new users based in Australia, starting from 31st October and running through the end of 2023.
eBay: Enjoy $0 variable fees on your initial five pre-loved fashion sales, or opt for a complimentary 6-month Store subscription, valid until the year’s end.
Please note that these promotions, and any activity on those platforms, are solely governed by Depop’s and eBay’s respective Terms and Privacy Policies. Any existing Poshmark balances are non-transferable.
Thank you for being an integral part of our journey. Here’s to new beginnings, and to a community that never stops shining.
Our mission has always been to put people at the heart of commerce. From the start, we envisioned a vibrant community that would share their style and create the largest network of shoppable closets across the world.
And while our ambition to connect as many closets as possible remains the same, I’m sad to share that we’ve made the tough decision to close three of our expansion marketplaces: Poshmark UK, Poshmark Australia, and Poshmark India, effective October 26, 2023. I know this is especially hard news for those of you across the globe who have come to know and love Poshmark—please know that I’m incredibly grateful for you and for the community that we’ve built together. We hope to be back at some point in the future.
This move, while difficult, will allow us to focus our energy and increase our investments in our core markets, the U.S. and Canada.
For additional information please see our FAQs and thank you for your continued support of Poshmark.
One of the biggest questions we get is: How can I make more sales on Poshmark? We dug into some seller data and created the following guide to share key insights for seller success.
Timing matters. Stock up for seasons ahead of time to capitalize on peak sales.
Shoppers look for seasonal items before that season starts—don’t miss a key opportunity to have what they’re looking for, when they’re looking for it.
#POSHTIP: Turn on Trends push notifications in the Account tab to get the scoop on new trends every morning—this can help you forecast for next season’s must-have items.
Stock up on a variety of trending brands. Capture shopper interest by adding trending brands to your closet. Here are some signs you should keep an eye out for to know when a brand is trending:
Brands that gain momentum slowly and surely over time are usually safe bets to source for your closet.
When brands have collabs or a major cultural moment, their sales peak and slow fast—catch them right before the spike!
Social media trends translate into Poshmark sales—stay ahead of the game by keeping your eye out for the next big thing.
List fresh inventory. New listings that shoppers have not yet seen are 2X more likely to sell in a given period over copied and relisted listings. They also show up when shoppers filter their search by ‘Just In,’ and may be featured in Poshmark marketing emails or posts!
Rotate your closet with Reposh.Reposhed listings sell 30% faster than fresh listings!
#POSHTIP: Review your past purchases and use the Reposh feature to cycle through items with proven shopper interest.
Give copied or relisted listings a refresh. Increase your copied or relisted listing’s visibility with new shoppers by optimizing your listings. The more detail you provide, the more information a shopper has to make their purchasing decision. Here are some #POSHTIPS to help your listings stand out:
Add photos with a white or simple background so shoppers can accurately visualize your item. Check out our Photography Guide for inspo!
Add relevant, descriptive keywords like style terms, trends, patterns, and materials that shoppers may be searching for.
Add up to 3 applicable Style Tags so it has a chance to show up in Poshmark marketing and social media.
Check out Today’s Trends on the Shop tab to see what shoppers are searching for, and add those keywords and Style Tags to your relevant listings!
List consistently. In a given week, 94% of Poshmark sales go to sellers who have listed that week!
Embrace your offers. Shoppers love deals.
67% of all sales on Poshmark happen through offers. Send Offer To Likers to engage shoppers with a can’t-miss discount.
50% of daily Poshmark sales are from listings that a shopper sees for the first time that day. Act swiftly and send offers when shoppers are most interested!
30% of all lowball offers (50% less below listing price) result in a sale when countered. Respond to all buyer offers.
Price competitively. Do competitive pricing research and price within the ranges that shoppers can filter by when they search.
Share your listings at least 3x a day. Shopper searches default to ‘Just Shared,’ so sharing your listings consistently bumps them in your follower’s feeds.
Break out your best party outfit, we’re celebrating another year of seller magic with YOU, the community who made it possible. Join us for Poshmark Turns 11, as we connect and celebrate another amazing year of accomplishments and milestones.
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.
The future of fashion is in your closet, and I believe that this future is brighter than ever.
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.
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.