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Used-clothing platform Poshmark says it filed to go public
[CALIFORNIA] Poshmark Inc, an online resale marketplace for second-hand clothing, said it has filed confidentially for an initial public offering (IPO).
The number of shares and the price range for the IPO haven't been determined, Poshmark said in a statement on Friday.
The Redwood City, California-based company had put off a potential IPO to focus on boosting sales and improving its execution, people familiar with the matter said last September.
Founded by chief executive Manish Chandra, Poshmark provides a marketplace to buy and sell high-end clothing. The company's website lets shoppers exchange comments on products, putting Poshmark at the forefront of the online shopping trend known as "social commerce." The company announced in February 2019 that tennis champion Serena Williams was joining its board. The following June, it said it was expanding its marketplace to include home decor.
Poshmark rival ThredUp is also pursuing an IPO, people familiar with the San Francisco-based company's plans said in August. ThredUp's IPO, targeted for early next year, could raise US$200 million to US$300 million, one of the people said.