Poshmark Inc., an online resale marketplace for second-hand and wholesale clothing, has delayed plans for an initial public offering until next year, according to people familiar with the matter.
The Redwood City, Calif.-based company has put off the potential IPO to focus on boosting sales and improving its execution, said the people, who asked to not be identified because the matter isn’t public.
A representative for Poshmark didn’t respond to requests for comment.
Poshmark had been one of several e-commerce companies looking to go public this year amid a wave of IPOs that included two online retailers in June. The RealReal Inc.’s stock value has fallen around 31% since then, while Revolve Group Inc. has risen about 20%.
Founded in 2011 by CEO Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothes, and more recently, home decor. The company, whose website allows shoppers to exchange comments on products, has been at the forefront of the online shopping trend known as social commerce.
The company reports it has 50 million users on its platform, and five million Seller Stylists helping customers select purchases from more than 75 million listings.
Poshmark makes money by collecting transaction fees that can be as much as 20% of an item’s sales price. The company also processes payments and helps coordinate shipping.
The company was working with Goldman Sachs Group Inc. and Morgan Stanley on an IPO slated for as soon as this fall, The Wall Street Journal reported in April. Representatives for Goldman Sachs and Morgan Stanley declined to comment.
Meanwhile, last week Poshmark said it’s adding fashion industry veteran Jenny Ming, former CEO and president of the now-defunct retailer Charlotte Russe, to its board of directors. Previously, Ming held executive positions at Gap Inc. and Barneys New York. She helped launch the Gap’s Old Navy division in 1994, and was its president for several years. Ming also sits on the boards at Levi Strauss and Paper Source.
Ming is the seventh member of Poshmark’s board of directors, joining its CEO Chandra; Navin Chaddha, managing director at Mayfield; Hans Tung, managing partner at GGV Capital; John Marren, senior managing director, North America at Temasek; Jeff Epstein, former CFO of Oracle and DoubleClick; and businesswoman and tennis champion, Serena Williams.
Investment firms backing the company include Mayfield, Menlo Ventures, GGV Capital, Temasek, Inventus Capital, Uncork Capital, Union Grove Venture Partners, Shea Ventures and AngelList.
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