Poshmark CEO Manish Chandra just drop a sudden and surprising update to the company's blog - Poshmark will be closing down UK, Australia, and India marketplaces effective October 26, 203 in order to focus on US and Canada operations.
Dear Poshmark Community,
Our mission has always been to put people at the heart of commerce. From the start, we envisioned a vibrant community that would share their style and create the largest network of shoppable closets across the world.
And while our ambition to connect as many closets as possible remains the same, I’m sad to share that we’ve made the tough decision to close three of our expansion marketplaces: Poshmark UK, Poshmark Australia, and Poshmark India, effective October 26, 2023.
I know this is especially hard news for those of you across the globe who have come to know and love Poshmark—please know that I’m incredibly grateful for you and for the community that we’ve built together. We hope to be back at some point in the future.
This move, while difficult, will allow us to focus our energy and increase our investments in our core markets, the U.S. and Canada.
Additional information was provided in an FAQ page stating users in those markets will lose access to their accounts on November 2.
When is the last day to access our accounts?
November 1, 2023. Beginning November 2, 2023, buyers and sellers for India, Australia, and the UK will no longer have access to the marketplace via the app or web.
When can I expect to receive my redeemable balance?>
Redemptions typically take 1-3 business days, and we recommend redeeming your balance at your earliest convenience.
You are able to redeem your balance via the Poshmark app or website until November 1, 2023. If you need to request a redemption after November 1st, please contact us at email@example.com.
Where did my redeemable balance go?
Please check your redemption history and bank account/PayPal first, if you don’t see the funds there, please contact us at firstname.lastname@example.org.
We recommend adding your bank information/PayPal to your account prior to November 1st.
For residents of the UK, we recommend completing your seller information accurately to ensure no delays in your pay-out...
What happens to my Posh Credit?
The last day to use Posh Credit for purchases will be October 25, 2023. Any remaining Posh Credit will expire after this date.
Where can I get a record of my tax information or sales history?
We recommend downloading a copy of My Sales Report at your earliest convenience, prior to November 1st. Your My Sales Report can be utilized for tax purposes, but we are unable to provide individual tax advice...
...Beginning November 2nd, buyers and sellers for India, Australia, and the UK will no longer have access to the marketplace, and that includes access to My Sales Report.
What if I need customer support after November 1st?
You may reach out to email@example.com, and we’ll be happy to help you. Please include the country associated with your account in your message to us.
What do I do if I have an item in transit?
This change does not impact already shipped orders. Shipped orders will continue to be delivered as normal. If you experience any tracking issues or need additional support, please contact us at firstname.lastname@example.org with your order number.
What do I do if I just made a sale?
Please ship your sale at your earliest convenience. We recommend shipping items before October 27, 2023. All unshipped orders will be automatically canceled on October 28, 2023.
What if I need to return an order?
We’ll continue processing return requests for orders made prior to October 26, 2023.
If you have a return request for an order and no longer have access to your account, please contact us at email@example.com with photos of the issue so we can assist you.
What will happen to our closets/accounts?
Access to your account will be closed beginning November 2, 2023.
Will there be any impact on your Canada business or Canadian orders?
No, there will be no impact on our Canadian business. Orders made through our Canadian marketplace will continue to be processed as normal.
Why are you closing these markets?
While our ambition is to connect as many closets as possible, we are closing our marketplace in India, Australia, and the UK to focus on and increase our investments in our core markets of the U.S. and Canada.
Poshmark had just finally launched the UK marketplaces in May 2023, which makes this sudden shut down even more surprising.
Are these international markets being closed as a cost cutting measure to redirect resources and money to AI and other initiatives for the core North American business?
Sellers are sharing their reactions to the news, with YouTuber Shell Resells revealing she was supposed to attend a Poshmark UK event last night that was canceled without explanation - what a terrible way to treat sellers who helped beta test and launch this marketplace!
Stay tuned for updates in this unfolding story and let us know in the comments below how these sudden closures will impact your business!