Tennis ace and businesswoman Serena Williams has tried her hand at business in retail sector by launching her clothing brand “Serena in 2018”. She will now be trying out another venture by helping out online resale portal Poshmark by joining its board of directors. The firm announced this week that Serena joined the board as the CEO Manish Chandra stated that her focus on excellence in unmatched and they are focusing on building an independent board with people that can guide its operations to the next growth level. Serena is already serving on the board of survey startup SurveyMonkey that she joined a couple of years ago.
She stated that her interest in tech startups grew after meeting husband Alexis Ohanian the cofounder of Reddit and several other startups. Manish Chandra added that Serena has the right kind of experience and passion for retail fashion so the partnership is not just about celebrity endorsement but rather about enhancing relationship. Poshmark is a California based startup that was founded in 2011 to allow sellers to create accounts on their platform and buy or sell unused items like designer apparel, bags, shoes jewelry, makeup and other items from other people at a price the buyer and seller agree upon.
During last May the firm said that sellers of these personal items had made nearly $1 billion on their platform since inception that was a major milestone. The firm stated that they are targeting annual revenue between $150 million to $200 million during this financial year as it makes 20 % from every transaction. One of Poshmark’s retail competitors Mercari became a public company with an IPO of $1.2 billion in Japan leading to speculation that Poshmark would also try out something similar. The firm rivals in the resale market are TheRealReal, ReBag and thredUp of which only the first one is in talks with banks for an IPO.