PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Mobile Virtual Shopping Parties Engage Shoppers Right From Their Living Rooms
MENLO PARK, Calif., Aug. 8, 2012 -- Today, Poshmark, a mobile marketplace for fashion, announced the launch of Showrooms, designed to curate the company's rapidly growing real-time e-commerce platform – Posh Parties. Built seamlessly into each virtual Posh Party, Showrooms filter and curate items posted in the party, streaming them in real-time directly to shoppers' phones through the free Poshmark iPhone app.
A cornerstone of Poshmark's engagement lies within the unique Posh Party, where thousands of women gather for two hours daily in the iPhone app to shop each other's closets. Parties have pre-determined themes such as Chevron & Stripes and include designer themed parties such as Chanel, Gucci, Marc Jacobs, Michael Kors, Diane Von Furstenberg, and Rebecca Minkoff. The company's first Posh Party drew in fifty listings from the community and today Posh Parties experience up to 15,000 listings per party with multiple parties being thrown each day. The company's growing community is currently uploading inventory at a run rate of over $40M/year, which is forecasted to surpass $500M/year by the end of 2012.
"Posh Parties represent the next frontier for real-time commerce," said Manish Chandra, founder and CEO of Poshmark. "Our marketplace is constantly alive with women listing, socializing and sharing within the app. Showrooms take this one step further allowing women across America to engage in real-time, curated shopping excitement without ever having to leave their living rooms."
With the introduction of Showrooms, Poshmark is facilitating product discovery by simplifying the connection between buyers and the items they crave. Accessible within each Posh Party, users can simply swipe left or right to enter showrooms such as: What's New – first time listed at a party, Designers – designer items only, and Host Picks – items curated in real-time by the host of the party.
Showrooms also open up the marketplace giving individual tastemakers and more established brands the opportunity to host parties, expanding their reach to a captive mobile audience ready to shop from home, in the office or on the go. To celebrate the launch of its evolving Posh Party platform, Poshmark has partnered with top fashion blogger Anh Sundstrom of 9to5Chic and a bevy of influencers as hosts.
"Poshmark has changed the way I shop giving me access to brands from Chanel to H&M right on my iPhone for a whole lot less than retail. I've bought and sold over 200 items and barely ever shop at the mall anymore," said Deidre Casey, a Human Resources Manager in San Antonio. "The parties have exposed me to an exciting fashion community. My friends and I make our own Posh Parties at home where we help each other take photos of items we want to sell and shop the listings together."
Poshmark is a mobile fashion marketplace built around real-time social experiences. Posh Parties are themed, real-time shopping events where people gather to shop, share, and sell fashion right from their phones. Poshmark's vibrant community brings fashion lovers together to share their individual style, turning every closet into a unique shopping experience. Founded in 2011, Poshmark is headquartered in Menlo Park, CA. For more information, please visitwww.poshmark.com. Poshmark's free iPhone app can be downloaded frombit.ly/poshmark.
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