Poshmark goes live in India, confident of swift growth
On September 15, specialist second-hand fashion marketplace Poshmark officially launched in India and the business has ambitious plans for growth in the country.
“We are really excited about the opportunity,” Poshmark’s founder and CEO Manish Chandra told Moneycontrol. “The time, the technology, the place where we are really bringing a bunch of forces together. It is a unique time in history, which is painful and dark but also in some ways full of innovation and change really sets the stage for this right now. People are focused on sustainability, particularly the younger generation. We want to invest in it- at the people, marketing and growth level as the opportunity scales up. We think of it as multiple phases of growth.”
For its first phase of growth, Poshmark will focus on building a foundational community of buyers and sellers in India, according to the business. “As that community develops it will just create more and more vibrancy in the market,” said Chandra.
Prior to its launch in India, Poshmark already had a team of employees in the country working on research and development for its global operations. The business plans to continue to hire and add to its India employee base as it expands, to strengthen its India and global business.
Poshmark enables sellers to upload their products, primarily used, branded clothing, and buyers can search the platform for different labels and products. With the rise of sustainable fashion in India, Chandra is confident of a strong uptake across the country. The business held its IPO around seven months ago.
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