Poshmark (POSH), one of our newest Opportunities holdings, which is known for its secondhand fashions for men, women and children, just announced it is launching a pets business. The platform will sell pet accessories, supplies and toys for dogs, cats, fish and other animals.
Pet adoptions have soared during COVID, with Poshmark citing data showing that 67% of Americans are pet owners. "Many members of the Poshmark community are proud pet owners, myself included, and it's important that our social marketplace addresses the needs of the entire family," said Tracy Sun, Poshmark's co-founder.
We're super bullish on this news. Even before the launch announcement, the company sold items such as cages, aquariums, leashes and pet beds. But entering into a new product space demonstrates Poshmark's long-term strategy to scale the company via category expansion.