Poshmark, Inc. Acquires Suede One, a Leading Platform for Virtual Authentication of Sneakers
REDWOOD CITY, Calif., Oct. 13, 2021 -- Poshmark, Inc. (Nasdaq: POSH), a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more, today announced that it has acquired Suede One, a platform that combines machine learning, computer vision and expert human review to virtually authenticate sneakers. The Suede One team will join the Poshmark team, effective today.
This deal marks Poshmark's first acquisition and reflects the company's focus on strategic investments that drive continued platform innovation, accelerate growth in high-growth resale categories and enhance the user experience to attract and retain both buyers and sellers.
"We are laser focused on making strategic investments that fuel the continued growth of our business, give the best overall experience for buyers and make our marketplace the number one, most trusted destination for sellers," said Manish Chandra, founder and CEO of Poshmark. "Suede One has built impressive capabilities in virtual authentication that will allow us to deliver tangible benefits to our community, scale our authentication services in a meaningful way, and accelerate our momentum in sneakers as well as luxury goods, two of the fastest-growing categories in the resale space. We are thrilled to welcome the Suede One team to Poshmark and look forward to what we can build together."
Founded in 2020, Suede One's technology enables an inventoryless approach to authentication. The technology analyzes product images, running algorithms on consistencies to identify whether an item is real or counterfeit. For popular sneakers such as Jordan 1s and Yeezy 350s, Suede One can automatically authenticate the majority of submissions with greater than 99% accuracy, based on internal testing. For other sneaker types, human experts review the submission with help from the company's proprietary authenticator tool. Suede One has built a reputation for credible and quick authentication with the broader resale community as well as esteemed resellers, authenticating a pair of Nike Air Yeezy 1 Prototypes that sold for $1.8 million at auction.
"We built this company to solve a key challenge for the reseller community—creating technology that protects them from fraud and ensures fast, accurate authentication that they can rely on," said Matt Forloine, CEO of Suede One. "Poshmark and Suede One share the same values of trust and focus on community, and by joining forces we'll be able to advance our technology and scale these services to more products and categories and benefit as many people as possible."
Suede One's virtual authentication capabilities will complement Posh Protect, which guarantees a full refund for any item not matching its listing description, and Posh Authenticate, which will continue to offer free authentication by Poshmark's team of luxury experts for orders of $500 or more. With this acquisition, Poshmark will be able to augment and scale these services to support both buyers and sellers on more transactions and begin offering virtual authentication for sneakers at multiple price points, with the potential to expand to additional categories.
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of e-commerce, Poshmark makes buying and selling simple, social, and sustainable. Its community of more than 80 million registered users across the U.S., Canada, Australia and India, is driving the future of commerce while promoting more sustainable consumption. For more information, please visit www.poshmark.com, and for company news and announcements, please visit investors.poshmark.com. You can also find Poshmark on Instagram, Facebook, Twitter, TikTok, Pinterest, YouTube, and Snapchat.