Temasek-backed fashion platform Poshmark has shut down its marketplaces in Australia, India, and the UK, the company announced on Friday.
The US-based company wants to focus on its North America business and drive meaningful growth in its core markets of the United States and Canada, according to a press release. “Poshmark’s services in the United States and Canada will remain unaffected while from November 2, 2023, buyers and sellers for India, Australia, and the UK will no longer have access to the marketplace via the app or web,” it said.
The company launched its services in India in September 2021, the Australia launch was announced in February 2021 while the UK launch took place this year.
Founded in 2011, Poshmark is a fashion marketplace for new and secondhand styles for women, men, kids, pets, homes and more.
South Korean tech firm Naver Corp acquired Poshmark in 2023, following which, Poshmark common stock ceased trading and was delisted from the Nasdaq. The company continued to operate under its existing brand, as well as maintain its employee base.
Singapore state investor Temasek Holdings had led Poshmark’s $87.5 million Series D funding round in 2017. The round also positioned Temasek as a potential strategic partner for its proposed expansion into Asia in 2018.
