The CEO of e-retailer Poshmark sees a development in trend as customers “clear” the closets
Fashion trends are shifting as consumers prepare for the post-pandemic world, Manish Chandra, CEO of online retailer Poshmark, told CNBC on Thursday.
After a year of lockdown, the sale of going outwear is increasing.
Meanwhile, fitness apparel purchases are declining and the e-commerce platform is a channel for buyers and sellers to “clean” their closets, he said in a one-on-one conversation with Mad Money host Jim Cramer.
“We’re certainly seeing a real change in what people are buying,” Chandra said.
Poshmark is an online marketplace that contains social media elements where buyers and sellers can create profiles to connect, like, comment and share clothes for sale in so-called “Posh parties”.
“We’re kind of starting to prepare people,” said Chandra.
As interest in personal social activities increases during the warmer months, bikini and jeans short sales at the shipping lot have roughly doubled. And with many employers calling their employees back to the office after working remotely for about a year, workwear sales have increased 30%, Chandra said.
On the other hand, sales of sweatpants and other workout-related items have slowed, he added.
The sustainability-focused website, which has no inventory, allows users to recycle or sell their clothing by diverting potentially discarded items from the landfill.
“It’s a gigantic purge in a way, but your purge is valuable to someone else,” Chandra said.
Poshmark began a hot IPO in January that valued the company at $ 3 billion, more than double its 2019 value.
Most recently, the stock closed at $ 39.34.