Poshmark to shut India business on October 26

Social commerce platform Poshmark will shut down its Indian business on October 26. The US-based second-hand retail platform also plans to shut down its Australia and UK operations in order to focus on its core markets in North America. 

“While our ambition remains to connect as many closets as possible, we’ve made the tough decision to close our Poshmark India marketplace,” wrote the business in an email to its customers, ET Tech reported. “The Poshmark India market place [sic] will close on October 26, 2023. This decision allows us to focus our energy and increase our investments in our core markets, the US and Canada.” 
 
October 25 is the last day Poshmark’s Indian customers can use their in-platform credits and no new orders or listings can be made from October 26. The last date on which platform users can redeem their earnings from selling is November 1 after which the platform will become inaccessible from November 2. As of October 25, Poshmark’s India website is working as usual with hundreds of listings in each product category. 

Poshmark is designed to act as a secure platform on which to buy and sell clothing and accessories, with a focus on premium brands. The business was acquired by South Korean e-commerce business Naver Corp a year ago in a deal valued at around $1.2 billion.