investors are adding posh mark to their shopping cart this
afternoon, shares of the online apparel company are up
, check it out. You can see there 26%
during today's session after posh mark beat estimates on the
top and bottom lines in the first quarter. Thanks
to record active buyer growth joining us now to discuss
this is posh mark, ceo, Manish chandra and
very congratulations. First off, But what's the biggest
thing investors should be taking away from your latest earnings
report? I think the simple thing to take away
is that as we beat both revenue and earnings and
and posted record active buyers of 7.8 million that the
social in our marketplace and the simplicity, asset light
model, the core characteristics and the core strategies that
we've been visiting are working and that's the simple message
. I think the second thing is that in these
very unprecedented and dramatic times with inflation running very high
bosch Mark is a great partner to the consumer.
On the one hand, we are enabling the consumers
to save money. But really on the other hand
, we are also allowing them to earn money because
everything in your closet is just more valuable today.
Exactly now You you reported$90.9 million Q1, but
you expect Q2 numbers to fall. Why is that
? We want to be cautious in this climate?
I think if you look at the last two years
, you look at the quarter that we've had,
there's a war raging. We are coming off of
pandemic inflation is raging. Supply chain is disrupted and
parts of the world are still suffering heavily from the
pandemic. So with all of these things, we
want to continue to be cautious in what we do
, but at the same time continue to follow our
core growth strategies and invest in them because we feel
ultimately what we're bringing to the world. This whole
social model of commerce. The ability to sell from
your closet building a fashion marketplace is an enduring play
and we are really in the first innings of the
resale revolution that's happening. So tell me, how
does posh mark navigate things like inflation and supply chain
issues? Yeah. So the foundation of Hash mark
is really enabling anybody to turn their closet and and
sell it on bash mark. And that allows us
to really in many ways beat both sides inflation and
supply chain because you already have the products they're sitting
in your closet, you're turning them into cash on
the flip side because people are buying from each other
, not only can you sell, you can buy
and then you can sell again that's still circularity allows
you to capture some of the value that's in your
closet. Reapply it. That's it. It's almost
like in a way, stock trading now as the
pandemic seems to wane and people start heading out to
brick and mortar stores. How does posh posh mark
adjust their e commerce strategy. What's what's really fun
for us is we actually have been a big believer
in, in person for a long time. So
as the pandemic pandemic was settling down, we sort
of had the excitement to launch hundreds of events across
the country, which we called passion coffee, but
we had put that on hold as pandemic took hold
of the country in 2020 we're starting to see resumption
of many of them. In fact, last night
we had a pretty big event in Arizona and we're
starting to see these events happening. People coming together
on the weekend and these events are powerful because they
bring the seller community too together. They bring sellers
and shoppers together. They're great for us to grow
and great for us to engage and retain. So
we think the physical world is actually a very powerful
engine for growth on the community side. But when
you think of commerce, it's even more exciting.
And second in the first quarter we saw apparel sell
accelerate, which means people are actually going out and
engaging in the real world. We also saw event
oriented shopping accelerate. So prom items were up 75%
year over year and wedding items were up 39% year
over year. Now I understand that Posh mark is
also bringing shoppers some flexibility when it comes to payments
. What's going on. Yeah, we, we
partnered with the firm, we first partnered with them
on our premium products that meant$200 plus$50,
you can really use either multi payment option or sort
of more on installment based option. And it just
allows customers to have more flexibility to cope with payment
and inflation and a tighter wallet that all of us
are feeling these days. Alright, Manish chandra ceo
of posh more. Congratulations on the report. Thank
you again for joining us on the show.