Poshmark: Manish Chandra
February 26, 2024
Episode Summary
In the episode titled "Poshmark: Manish Chandra" from "How I Built This," listeners are taken on a journey through the creation and evolution of Poshmark, a leading social marketplace for new and secondhand style for women, men, kids, pets, home, and more. The story begins with Manish Chandra, the founder of Poshmark, who was inspired by a combination of personal experiences and technological advancements. The idea for Poshmark struck Chandra when he noticed the potential of the iPhone 4's camera quality and connected it with the concept of a mobile and social marketplace for selling unused clothing from his wife's closet. This realization led to the birth of Poshmark in 2011, a platform designed to make buying and selling fashion items easy, fun, and social.
Chandra's journey wasn't without its challenges. Early on, Poshmark faced significant hurdles, including issues with shipping costs that led to a community backlash when fees were increased. Additionally, the company encountered operational difficulties as it scaled, particularly with payment processing and shipping logistics. Despite these obstacles, Poshmark's focus on building a strong community and leveraging mobile technology helped it to grow rapidly. The platform's user-friendly design, combined with the ability for users to engage with each other, created a unique shopping experience that attracted millions of users.
The episode also covers Poshmark's expansion beyond women's fashion to include men's, kids', and even pet items, reflecting the platform's adaptability and growth. However, the path to going public was not smooth. Plans for an IPO were initially derailed by challenges such as the introduction of sales tax on online marketplaces and the impact of the COVID-19 pandemic. Despite these setbacks, Poshmark achieved profitability and eventually went public in 2021, marking a significant milestone in the company's history.
In early 2023, Poshmark was acquired by Naver, a South Korean technology company, with plans for the platform to continue growing and potentially become an independent public company again in the future. Throughout the episode, Chandra reflects on the importance of hard work, luck, and maintaining core values in the face of adversity. His story is a testament to the power of innovation, community, and resilience in building a successful business.