Poshmark Shuts Down International Operations to Focus on Core Markets
Poshmark, the social shopping marketplace, is closing its international businesses in India, Australia, and the UK. The company will be directing its attention towards its core markets, as it aims to increase investments in the US and Canada.
The accessibility to Poshmark’s marketplace will be discontinued in India, Australia, and the UK starting from November 2nd. Additionally, certain features like the use of Posh Credit will start expiring on October 25th.
In 2021, Poshmark expanded its operations to India and Australia, and had entered the UK market earlier this year in January.
Last year, South Korean giant Naver acquired Poshmark in a deal that valued the peer-to-peer resale platform at $1.6 billion, significantly lower than its peak market cap of $7.3 billion.
[H/T Digbijay Mishra]