Poshmark to shut down India, Australia and UK businessesReading Time: < 1 minutes
Poshmark is shutting down its international businesses – operations in India, Australia and the UK – as the social shopping marketplace shifts attention to ‘core markets,’ the company informed customers.
The firm’s marketplace will become inaccessible in India, Australia and the UK on November 2, it said. Some features such as the ability to use Posh Credit will start expiring on October 25.
Poshmark expanded to India and Australia in 2021, whereas its entry to the UK happened in January this year.
‘While our ambition is to connect as many closets as possible, we are closing our marketplace in India, Australia, and the UK to focus on and increase our investments in our core markets of the U.S. and Canada,’ the company wrote in accompanying FAQ pages.
Thursday’s move follows South Korean giant Naver acquiring Poshmark in a deal last year that valued the peer-to-peer resale platform at $1.6 billion, a fraction of its $7.3 billion peak market cap.
[H/T Digbijay Mishra]
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