Call it used, thrift, or pre-owned, the secondhand digital market for clothing, shoes, and accessories continues to grow. In particular is Poshmark, Inc., which went public this past January. Featuring both a both a website and an app, Poshmark appeals more to the younger set (read Gen Z) and did especially well during the first year of the pandemic.
On May 13, 2021 the stock took a tumble of 11%, however, after an earnings report which fell short of expectations. While revenue increased significantly (42% to $81 million from $57.1 million a year earlier) so did the net loss for the period ending March 31, 2021 widening to $1.19 per share from 89 cents a year earlier.
“Younger consumers in particular have been leading a shift to places such as Poshmark, ThredUp, Depop, The RealReal and StockX — with some favoring these stores for the bargain prices and others seeing shopping there as a way to be more conscious about the environment,” wrote Lauren Thomas of CNBC. “These businesses have also allowed many consumers to clean out their closets during the Covid pandemic and come up with extra cash.”
Poshmark’s founder and CEO, Manish Chandra, is not discouraged by the recent stock market activity. Rather, he anticipates that the reopening of the economy and increased socialization positively impact both the demand and sell side of Poshmark.
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Here are several documents and press releases from Poshmark, Inc. currently available on RealDealDocs.com:
Senior Unsecured Convertible Note Purchase Agreement September 15, 2020 $50,000,000
Fourth Quarter And Full Year 2020 Financial Results Q4 Gross Merchandise Value Increased 28% Year Over Year To $387.2 Million Q4 Total Revenue Increased 27% Year Over Year To $69.3 Million Q4 Adjusted Ebitda Was $4.2 Million With 6.1% Margins
Bylaws Of Poshmark, Inc.