Poshmark, the social market for new and secondhand style, has announced net revenues of $69.3 million for the fourth quarter of last year, according to a Thursday (March 11) press release.
That number was a 27 percent boost year-over-year.
Gross merchandise value (GMV) grew 28 percent year-over-year, with the number growing from $302.1 million in 2019 to $387.2 million this year.
“We reported a strong first quarter as a public company and our third consecutive quarter of operating profitability as our community of buyers and sellers continued to embrace social commerce,” said Manish Chandra, founder and CEO of Poshmark. “During these unprecedented times, we are proud to provide an easy and accessible way for anyone to sell and everyone to thrive on our social marketplace. We will continue to make investments in product, technology and marketing to grow our business, support our community and strengthen our social marketplace over the long term.”
The press release went on to say that Poshmark achieved numerous new business goals in 2020, including launching new categories for “Beauty & Wellness” and “Toys & Games,” rolling out a video feature called “Posh Stories” to let sellers showcase items and debuting a new feature called “Drops Soon,” which lets sellers premarket items not yet available for purchase. And there was the launch of Reposh, which gives Posh buyers and sellers a one-click method to resell things bought on Poshmark.
The release noted that the expected revenue for the first quarter of 2021 is between $75.5 million and $77.5 million.
Poshmark is part of a trend of initial public offerings (IPOs), showing the value of the resale sector, or reCommerce space as it takes place online, which has seen a boost in sellers of secondhand apparel on the internet. That space has seen other success stories as of late, including The RealReal and thredUP. The resale market, according to statistics, grew 25 times faster in 2020 as opposed to the overall retail market in 2019.
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