THE WHAT? U.S. fashion and beauty e-tailer Poshmark is expanding its presence into Australia, a move that follows its January IPO, according to a report by Bloomberg.
THE DETAILS Selling secondhand clothes, Australia will be the online marketplace’s first country outside of the U.S. and Canada, with the company looking to expand into new countries on a ‘periodic’ basis.
Chief Executive Officer Manish Chandra said, “We believe that our platform has relevance in all of the major markets in the world.”
THE WHY? Australia was reportedly chosen due to its thrift shop culture, eco-friendly consumers and a high rate of e-commerce adoption.
The global expansion will continue, with the company stating that it is looking to “long-term growth through international expansion” with a primary focus on English-speaking countries.