By Amina Kane
Serena Williams joins Poshmark’s board of directors
Poshmark is now valued at $600M
Online retailer Poshmark welcomed Serena Williams to its board of directors to help the company in its next phase of growth. With the best female athlete of all time in its corner, Poshmark’s board diversity has ticked up a notch and should help their corporate governance, as they evaluate whether or not to become a publicly traded company.
Why This Matters: Poshmark served an ace by bringing Williams on board. Not only do they get a savvy business woman who’s had her own clothing line, they also get the wealth of knowledge her Silicon Valley heavyweight husband Alexis Ohanian has to offer. “What we are trying to build is a very diverse, independent board. ... People who can guide us to the next level of growth,” said Poshmark CEO Manish Chandra.
The next level that Chandra is referring to could be huge for the retailer and sellers on its platform. Since the company was founded in 2011 fashionistas have earned $1 billion dollars by selling clothes and accessories. Poshmark is projecting their annual revenue to fall between of $150 million to $200 million, according to Reuters.
So far the online resale marketplace which keeps 20% of each transaction has raised $160 million to date. Poshmark is now valued at $600 million as it battles stiff competition from the likes of Rebag and TheRealReal.
Situational Awareness: A bonus perk for Poshmark in having Serena as a board member is that buyers can now purchase items straight from her closet. She plans to donate all of her proceeds to the Yetunde Price Resource center.
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