Poshmark Shuts Down International Operations in India, Australia, and UK to Focus on Core Markets

The End of an Era: Poshmark Shuts Down International Operations

Saying Goodbye to India, Australia, and the UK

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]

The Marketplace Fades Away

Poshmark, the renowned social shopping marketplace, has made an unexpected announcement that has left its international customers crestfallen. It revealed that it will be shutting down its operations in India, Australia, and the UK, redirecting its attention solely to its “core markets.” This decision marks the end of an era, as Poshmark bids farewell to the global community it had nurtured.

Mark Your Calendars

A dark cloud looms over Poshmark’s international users as the marketplace will become inaccessible to them on November 2. The countdown has begun, leaving customers with limited time to wrap up their transactions and prepare for the imminent closure. Posh Credit, once a valuable feature, will start expiring on October 25, adding urgency to the situation.

Expanding Horizons

Poshmark’s expansion into India and Australia in 2021 was met with excitement and anticipation. However, this joyous journey has been cut short as Poshmark now pulls out of these markets. Similarly, the company’s venture into the UK earlier in the year was met with high hopes, only to be dashed as Poshmark redirects its focus elsewhere.

Double Down on Core Markets

In an effort to channel their resources where it matters most, Poshmark’s decision to close its marketplace in India, Australia, and the UK is aimed at increasing investments in its core markets of the U.S. and Canada. As disappointing as it may be for global shoppers, Poshmark’s strategic realignment is driven by its ambition to strengthen its presence where it thrives the most.

A Changing Landscape

This recent development follows Poshmark’s acquisition by South Korean giant Naver in a deal last year. The acquisition valued Poshmark’s peer-to-peer resale platform at $1.6 billion, a significant decrease from its peak market cap of $7.3 billion. This change in ownership has had a ripple effect on Poshmark’s operations, ultimately leading to the closure of international markets.

[H/T Digbijay Mishra]

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