Naver's American Poshmark Selected as a 'World-Changing Innovative Company' by Fortune

[Asia Economy Reporter Yuri Choi] Poshmark, the No. 1 secondhand fashion platform in North America acquired by Naver, has been selected as a ‘Change the World’ innovative company by the U.S. economic media Fortune.

On the 13th (local time), Fortune announced the companies changing the world. Following global leading companies such as PayPal (1st), Walmart (3rd), and Qualcomm (5th), Poshmark ranked 48th. Bukalapak, a Southeast Asian commerce company invested in by Naver, was also selected at 50th place.

Fortune explained the reason for selecting Poshmark as “one of the representative platforms for eco-friendly secondhand fashion transactions, with over 200 million items traded on the Poshmark platform,” adding, “Its transaction volume increased by 27% in 2021, reaching nearly 1.8 billion dollars, rapidly growing during the pandemic period, especially driven by Generation Z.”

As part of efforts to extend the lifespan of products, Poshmark launched the ‘Reposh’ feature in 2020, which allows efficient resale of items purchased on its platform. Since then, a cumulative 4.5 million ‘Reposh’ transactions have been made, and the number of resold items has been increasing by 57% annually.

Manish Chandra, CEO of Poshmark, said, “We provide an all-in-one platform that simplifies the secondhand shopping experience, helping users to easily, conveniently, and enjoyably participate in the circular economy.”

This content was produced with the assistance of AI translation services.