- Consumers are on a closet “purge” after about a year of shutdowns and as social activities make a comeback, Poshmark CEO Manish Chandra told CNBC.
- “We’re definitely seeing a real shift in what people are buying,” he told Mad Money, noting that sales of bikini and denim shorts have roughly doubled.
- “In a way, it’s a gigantic purge, but your purge has value to someone else,” he said of the sustainability-focused retail site.
Fashion trends evolve as consumers brace for post-pandemic world, Manish Chandra, CEO of online retailer Poshmark, CNBC told CNBC on Thursday.
Sales of clothes for going out are on the rise after about a year of closings.
Meanwhile, fitness clothing purchases are down and the e-commerce platform is a channel for buyers and sellers to “purge” their closets, he said one-on-one with “Crazy money“host Jim Cramer.
“We are definitely seeing a real change in what people are buying,” Chandra said.
Poshmark is an online marketplace that incorporates elements of social media where buyers and sellers can create profiles to connect, like, comment and share clothes for sale in what are called “chic parties”.
“We’re kind of starting to prepare people,” Chandra said.
As interest in in-person social events increases during the warmer months, sales of bikini shorts and jeans have roughly doubled on the consignment site. And as many employers are recalling staff to the office after about a year of working remotely, sales of work dresses are up 30%, Chandra said.
On the other hand, sales of sweatpants and other training-related items have slowed, he added.
The sustainability-focused website, which does not keep an inventory, allows users to recycle or sell their clothes, redirecting potentially discarded items from the landfill.
“In a way, it’s a gigantic purge, but your purge has value to someone else,” Chandra said.
Poshmark began trading in January in a hot public offering that valued the company at $ 3 billion, more than double its value in 2019.
The stock last closed at $ 39.34.
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