Poshmark is branching out into home decor after its users make thousands selling their clothes
- Poshmark is an online marketplace where people can buy and sell clothing from boutiques or their own closets. As of Tuesday, it will also be adding home decor to its marketplace.
- Poshmark launched in 2011 as a place for people to buy and sell used clothing. Since then, it has grown into a community of 40 million users.
- The Wall Street Journal reported in April that it is eyeing an IPO later this year.
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Poshmark wants to tap into the thriving homeware market.
As of Tuesday, Poshmark users will be able to buy and sell various home decor items on its app. This includes items such as bedding, art, and some storage pieces; furniture is not included, however."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," Manish Chandra, founder and CEO of Poshmark, said in a statement to the press.
Poshmark launched in 2011 as a place for people to buy and sell used clothing. Its easy-to-use app has allowed it to grow quickly and attract a large customer base. It has since grown to a community of 40 million users. The Wall Street Journal reported in April that it is planning to file for an IPO later this year.
By adding home decor to its offering it is able to capitalize on a $582 billion market and better appeal to millennials who are starting to buy homes and decorate them.
"This Market launch reiterates the power of Posh Markets to scale social commerce and enables Poshmark to continue transforming the e-commerce experience," Chandra added.
Selling on Poshmark has become a full-time job for some people, who are pulling in thousands of dollars selling unwanted clothing or launching their own boutiques.