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Poshmark is shutting down its international occupation — operations in India , Australia and the U.K. — as the social shopping market shifts attention to “ core markets , ” the caller informed customers .
The firm ’s market will become inaccessible in India , Australia and the U.K. on October 26 , it said . Poshmark expanded to India and Australia in 2021 , whereas its entry to the U.K. happened in January this year .
Poshmark has about 8.1 million monthly active users on its phone apps , according to mobile intelligence firm Sensor Tower , whose data point an diligence executive shared with TechCrunch . The app ’s popularity has been waning in outside food market , with fewer than 500,000 fighting users in the preceding month across the UK , India , and Australia .
“ While our ambitiousness is to link up as many closets as potential , we are closing our marketplace in India , Australia , and the U.K. to focus on and increase our investments in our core grocery store of the U.S. and Canada , ” the companywroteinaccompanyingFAQ pages .
Thursday ’s move follow South Korean monster Naveracquiring Poshmarkin a deal last yr that treasure the match - to - peer resale chopine at $ 1.6 billion , a fraction of its $ 7.3 billion crown market cap .
“ I cognize this is especially hard news for those of you across the globe who have occur to know and love Poshmark — please experience that I ’m incredibly grateful for you and for the residential area that we ’ve build together . We hope to be back at some point in the time to come , ” wrote Manish Chandra , co - founder and main executive of Poshmark , in a web log post .
[ H / TDigbijay Mishra ]
