A fashion social network…
Tracy Sun (Co-Founder of Poshmark, a simple and fun mobile/online way to buy and sell fashion) joins Pavan Bahl (OS Fashion), Rob Sanchez (Manufacture New York / Ralph and Remington [Episode 22]) and Marc Raco (The Hope Is Project and Monkey Radio), in studio. A segment of the FashInvest Investment News touches on Global Fashion Group’s (Rocket Internet) $167 million raise to consolidate a potential $3.1 billion of international ecommerce for emerging brands to help with marketing, and how this development can be helpful for brands who want to reach out to other countries. Also, the new trendy ecommerce fulfillment site Jet, and the signs revealed by Marc’s first illuminating experience Uber.
Sun discusses how Poshmark, which has become “a social network of millions of women”, can disrupt the fashion industry with as little as a phone and a closet, the battle to capture people who do not have as much media savvy, the flexibility and control allowed to users, the hurdles the team has had to overcome, and influencing positive behaviors, setting rules, and how “poshers” start by wanting to make money and stay because of relationships. She reveals the painstaking way initial users were recruited, how surprisingly close the business is to the original pitch, posh parties, the story of Poshmark’s soft launch, how much marketing they actually do, and the process of amassing beta testers,
Rob has a library book and Feed the Animals brings delight with stunning artisanal chocolates and confections. Sun reveals the origins of the Poshmark concept and name, how they avoided a name sounded like kids company, the importance of respecting both fashion and tech sides, breakup letters, solving problems for people and knowing what you have has value, and changes people from throwing things out to seeing things of value. And Pavan wants a “Poshmark for men with streetwear” app. Sun shares how ninety people handle a $200M annual run rate, how the company stays productive and lean, and why they might need to raise another round of funding.
Sun’s attendance of a “smart girls group” and trying to be a role model while combining creative with business, discussion of how kids who have tremendous potential can become entrepreneurs who solve problems in their communities if held to adult standards, and the value of young perspective. She reveals how mistakes resulted in something good, why Poshmark stayed on only one platform for years and the resulting impact, and the bet on mobile commerce and building mobile into the DNA of a company. Hiring an effective team, company rituals, grounding the team, and knowing the culture of your investors. Plus Off the Grid Questions cover neuroscience, the importance of teams and trusting strangers, electropop, coffee, mindset, trend-bucking, and a life-defining father-daughter conversation.by