Wednesday, February 19, 2020
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Poshmark is a web site where people can sell their old clothes. It started in 2011. In the last few years they have attracted money from investors, which is apparently why they are now running ads on TV. But the ads are absurd. They show pretty women bragging that they sold enough of their old clothes to pay for their weddings or for "all my family's vacations". Just how much clothes does Poshmark think that women have in their closets? To pay for a $15,000 wedding would take an amount of clothes that originally cost $40,000. Who has that much clothing? I'm a man, so I guess my experience doesn't count, but my entire wardrobe isn't worth more than about $1,000 at the original price. A richer person might have spent $5,000 for her clothes, or maybe even $10,000, but she couldn't sell those clothes for more than $5,000 -- and of course she'd need to keep some of her clothes to wear.
Judging from what I've read, a small number of sellers are making most of the money, and they must be sellers who buy old clothes and resell them as a business. The likelihood is that these sellers spend their days searching for clothes in thrift stores. A jacket which a thrift store might sell for $3 might be marketable on Poshmark for $20. But the suggestion that people can sell their own clothes and make that kind of money is ridiculous. You would have to be a member of the royal family to have so much money invested in your clothes.
What amazes me the most is that there are investors out there who are willing to sink their money into such a venture as Poshmark. Old clothes have never been seen as a valuable commodity. The fact that Poshmark had to wait for investors to give them some money before they could start advertising proves my point.
Judging from what I've read, a small number of sellers are making most of the money, and they must be sellers who buy old clothes and resell them as a business. The likelihood is that these sellers spend their days searching for clothes in thrift stores. A jacket which a thrift store might sell for $3 might be marketable on Poshmark for $20. But the suggestion that people can sell their own clothes and make that kind of money is ridiculous. You would have to be a member of the royal family to have so much money invested in your clothes.
What amazes me the most is that there are investors out there who are willing to sink their money into such a venture as Poshmark. Old clothes have never been seen as a valuable commodity. The fact that Poshmark had to wait for investors to give them some money before they could start advertising proves my point.
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