Poshmark, the US version of Xianyu, announced that it will close its business in India, Australia and the UK

It is learned that according to foreign media reports, on October 20, the US second-hand e-commerce platform Poshmark announced that it will close its business operations in the Indian, Australian and British markets and shift its business focus to its core North American market.

It is reported that Poshmark's stores in India, Australia and the United Kingdom will no longer be accessible from October 26. Poshmark entered India and Australia in 2021 and entered the United Kingdom in January this year.

Poshmark announced its withdrawal from the international market as it faces a continued decline in monthly active users. According to SensorTower data, Poshmark APP has about 8.1 million monthly active users worldwide. However, in the past month, its active users in the UK, India and Australia were less than 500,000.

Last year, South Korean giant Naver acquired Poshmark for $1.6 billion, a fraction of its peak market value of $7.3 billion.

At the same time, Poshmark will also become the second major e-commerce platform to withdraw from the Indian market. Last year, Shopee closed its business in March 2022 after operating in India for 5 months. A month before Shoppe decided to stop operations, India banned the game "FreeFire" operated by Shopee's parent company Sea.

Poshmark said in its statement that while it is closing India, Australia and the UK, it will focus on and increase investment in core markets such as the United States and Canada.

A study released by Morning Consult in January found that 42% of American consumers had purchased second-hand items in the past three months, and 90% said their main motivation was to save money. Poshmark's short-term growth in the United States is mainly due to the hope that its top sellers on the platform can bring more business growth.

Editor✎ Ashley/

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