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.

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

Beta Test: Posh Shows

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

Explore upcoming Posh Shows happening in the US!
Explore upcoming Posh Shows happening in Canada!

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? 
US: We are continuing to beta test with a small US-based audience and are granting access to Poshmark sellers on our waitlist, with priority access given to Posh Ambassador I and II’s. If you are interested, please fill out this form once. The current waitlist time is approximately 16 weeks, and we will notify you by email as soon as we’re ready for you! Please make sure that you have opted into receiving Poshmark emails, by going to the Account tab > Notifications > Email Notifications > Announcements.

Canada: We also recently began beta testing with a small, invite-only Canada-based audience. All Posh Ambassadors were invited as participants on a first-come, first-served basis. To sign up, please fill out this new form.

Who will be granted host access next?
US: We will slowly begin granting access to our Posh Ambassador II community during the next phase of expansion in 2023. If you’re currently a Posh Ambassador II, stay tuned for more information via email in the coming months. Please make sure that you are opted into receiving Poshmark emails by going to the Account tab > Notifications > Email Notifications > Announcements.

Interested in becoming a Posh Ambassador II? Please review the criteria and benefits here. We plan to release access to the broader seller community soon and are taking a phased approach to ensure the best experience for Posh Shows hosts and shoppers.

Canada: We are granting Posh Shows access on a first-come, first-served basis to Posh Ambassadors in Canada. To sign up, please fill out this form and look out for updates regarding next steps sent via email. We look forward to involving our entire seller community after the beta testing period has ended.  

For more information on how to reach Posh Ambassador status, click here.

Can anyone join and/or shop a Posh Show?
All Poshmark users can join shows. However, please note the following:

  • A US shipping address and payment card information is required to purchase from a US Posh Show.
  • A Canada shipping address and payment card information is required to purchase from a Canada Posh Show.   

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 (US) article and Support Center (Canada) article for answers to even more FAQs.

Latest Feature Updates on Posh: August 2022

App update alert! In this series, we’ll be rounding up some of our newest features and feature upgrades so that you can stay up to date on all the latest and greatest that were made exclusively for you, all in one place.

We create tools with you in mind, so that selling on Poshmark is simple and flexible for your lifestyle. Check out what’s new.

CLOSET QR CODES

Your closet now has a unique QR code, making it even easier to connect. Simply show your QR code to link people directly to your closet—here are some ways you can use it to connect.

  • Share your QR code during Poshmark or community-hosted events.
  • Add your QR code to business cards, stickers, social posts, and more to help new customers quickly find your closet.
  • Include a QR code printout in your packages so buyers can easily find and shop your closet again.

Find yours by heading to the Account Tab and scrolling down to QR Code. 

P.S. This is available on mobile

HIGHLY REQUESTED:

Match Buyer’s Last Offer

Regret declining an offer? Now, you can accept a buyer’s last offer—even after you’ve countered! This will send the offer back to the buyer, and they can accept it to secure the purchase. Here’s how it can benefit you.

  • Get another shot at making a sale by matching the shopper’s last offer.
  • Capitalize on more opportunities to close the sale.Offer great customer service by re-engaging with a potential shopper. 
  • Offer great customer service by re-engaging with a potential shopper. 

HIGHLY REQUESTED:

Select All

We know you’ve been asking for it, and it took us longer than expected, but the wait is over. Select All is now available when using Bulk Listing Actions to share to followers and Posh Parties!

  • Save time by sharing all of your listings in just a few clicks.
  • Bulk Share to Followers to keep your listings at the top of search results, brand pages, feeds, and more.
  • Bulk Share to Parties to reach a large number of motivated shoppers all at once.

Tap the tools icon in your closet to try it out. 

BONUS: Select All has also been added to My Shoppers!

P.S. Not seeing it? Update your app to try it out.

HIGHLY REQUESTED:

Rotating Images on Your Phone

Now, you can rotate photos directly on your phone when uploading images to listings, making it even faster to create listings on the go.

  • Stay organized by removing the need to revisit and edit photos in another app before
  • Save time and list quicker and easier when uploading images on the app.uploading.

Want to be the first to see more posts like this? Subscribe to the blog and follow us on Instagram

P.S. PoshFest is right around the corner and we can’t wait to let you in on what we’ve been working on! Haven’t bought a ticket yet? Click here to secure yours now! 

A message from our SVP of Seller Experience.

Dear Poshmark Community,

As you may know, we recently rolled out a new default sort option for search to launch a more relevant search experience for all Poshers. Recommended sort takes into account sharing as well as a number of other aspects. Since rollout, we’ve seen huge improvement in the buyer experience and seller sales across the board. But we have heard your feedback. This new sort order is simply not working for many of you.

As a result, today, we will be switching back to just shared as the default sort option for most users. We will continue to improve our search to provide a better experience for shoppers and help sellers get more exposure via sharing and relevance. We will re-release a new version after further test and iteration.

In closing, I value your partnership in creating a space fueled by the voices of our community and propelled by the work of our team. Please comment below to share feedback. We will be monitoring and actioning them, we are here to listen.

Sincerely,

Tracy Sun
SVP of Seller Experience, Poshmark