Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
General Motors stands to lose hundreds of millions of dollars in lost production as a United Auto Workers union strike against the automaker enters its second day, but Wall...Autosread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
The White House and General Motors on Tuesday are decrying a Politico report that the Trump administration has gotten involved with the automaker's contract negotiations with...Autosread more
WeWork hopes to sharpen its story for investors as it works to get its on-again, off-again IPO back on track.Technologyread more
The Justice Department said it was seeking to recover "all proceeds earned by Snowden because of his failure to submit his publication for pre-publication review in violation...Politicsread more
"It is really a tale of pretty failed governance, almost of the highest order, short of something fraudulent," says the tech investor.Deals and IPOsread more
Private equity firm 3G Capital Partners discloses that it sold 25.1 million shares of Kraft Heinz, bringing its stake down by about 9%.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Tennis superstar and businesswoman Serena Williams has dipped her toes into retail before, launching her own clothing line, "Serena," in 2018. And now she'll be helping another retailer grow.
Williams is joining the board of directors of online resale marketplace Poshmark, the company announced Wednesday. She has, meanwhile, been serving on the board of consumer survey start-up SurveyMonkey, an opportunity she jumped at about two years ago. Williams has said she's learned more about Silicon Valley since meeting her husband Alexis Ohanian, co-founder of Reddit and a handful of other start-ups.
"What triggered my initial interest [in Williams], is there are very few people who have that focus on excellence," Poshmark CEO Manish Chandra said. "What we are trying to build is a very diverse, independent board. ... People who can guide us to the next level of growth."
"Seeing she had the right experience ... the passion for fashion ... that's the way we looked at it," Chandra added, emphasizing this partnership isn't about "chasing endorsement" from a celebrity.
Founded in 2011, California-based Poshmark allows users to create an account and then either buy items from other users or try to sell unwanted items — apparel, handbags, shoes, jewelry and even make-up — themselves. Last May, the company said sellers on its platform had earned a total of $1 billion since Poshmark's inception, a major milestone. It said it was targeting annual revenue of nearly $150 million. (It keeps 20 percent of each transaction.) Chandra declined to comment on how Poshmark ended 2018.
One of the retailer's competitors, Mercari, went public in a $1.2 billion debut in Japan last year, sparking a greater conversation around Poshmark one day pursuing an IPO. Other retail rivals in the resale market include TheRealReal, which is reportedly in talks with banks for an IPO, as well as thredUp and Rebag.
"We continue to evaluate our options," Chandra said, when asked about going public. "We're focused on scaling the business," which includes plans to take Poshmark to Canada next, to launch in new categories like home and to get users to spend more time on the app.
Poshmark has raised almost $160 million to date. Its last round, a Series D, in November 2017 was for $87.5 million and valued the company at nearly $600 million. Major investors in Poshmark include GGV Capital, Menlo Ventures and Union Grove Venture Partners.