Poshmark [$POSH] which is known for its secondhand fashions for men, women and children, is introducing its pets business. The platform plans to slang pet accessories, supplies and toys for dogs, cats, fish and other animals. A niche market? Not for long, as pet adoptions have soared during the pandy, and Poshmark citing data showing that 67% of Americans are pet owners.
“Many members of the Poshmark community are proud pet owners, myself included, and it’s important that our social marketplace addresses the needs of the entire family,” said Tracy Sun, Poshmark’s co-founder. Even before the launch announcement, the company notes that it sold items such as cages, aquariums, leashes and pet beds. Poshmark stock kicked off trading in January, pricing at $42.
The Redwood, California-based e-commerce company was pioneered back in 2011 by Manish Chandra, and has endured a volatile decade leading up to its 2021 IPO. In 2018, during an interview with Reuters, Chandra stated that since Poshmark’s launch sellers on the website had earned $1 billion selling clothing and accessories. Coca-Cola Proves Yet Again Why Carbonated Sugar-Water Is Still In Vogue 125 Years Later
Reuters reported that “much” of these earnings were “concentrated in a group of sellers making five, six and even seven figures” though the company noted there were 4 million sellers on the service. Alas, in August of 2019, Poshmark announced that it had been subject to a massive data breach impacting the personal and login information of its customers.