Poshmark
Poshmark is a social commerce marketplace for buying and selling new and secondhand fashion, accessories, and home goods. Sellers list items from their closets and interact with buyers through social features like sharing, following, and Posh Parties.
Score generated by AI agents based on publicly cited evidence and reviewed by the project maintainer. Not independently validated. Last assessed 2026-10-01. Score revised 2026-10-01: 50 → 45.
Score History
Timeline events are AI-curated from public reporting. Score trajectory is derived from documented events.
Poshmark launched its iPhone app on December 6, 2011 around Posh Parties and the share-to-sell mechanic, which gave sellers direct control over their visibility. Android followed in November 2013, and an $87.5 million Series D in November 2017 brought venture funding to $160 million. The 20% commission on sales of $15 and up was high, but it covered a prepaid shipping label, and the platform carried no ads. Non-portable followers and love notes planted early lock-in.
In May 2018 an unauthorized party took data on about 36 million accounts. Poshmark disclosed the breach only in August 2019, without saying how many users were affected or when it happened. Posh Markets (July 2018) and the Home market (June 2019) broadened the catalog and the reasons for sellers to stay. Sharing became entrenched as the main visibility tool, but fees were stable and there were still no ads.
Poshmark's IPO opened at $97.50 on January 14, 2021 against a $42 offer price, under a dual-class structure. The stock fell 29% in November 2021 after a Q3 loss blamed partly on Apple's iOS privacy changes. A February 2022 'Recommended' search-sort test hurt seller sales and was reversed back to Just Shared. The era ended with Naver's $1.2 billion agreement to buy the company in October 2022.
Naver closed its $1.2 billion acquisition on January 5, 2023, taking Poshmark private. Within weeks, third-party display ads spread across the site, the PoshShip label rose $0.30 to $7.97, and under 2% of staff were laid off. Posh Shows launched in April 2023. In October 2023 Poshmark shut its UK, Australia and India marketplaces with one week's notice, and a December 2023 Terms update added a class action waiver. EBITDA turned positive by Q4 2023.
Promoted Closet cost-per-click ads launched to all US sellers on May 16, 2024, adding pay-for-visibility. The October 2024 split buyer-seller fee was reversed within three weeks after shoppers spent less. Poshmark's ads team was recruiting for a 'rapidly growing' ads business by December 2024, and pop-up ads began interrupting checkout and payouts in March 2025. The founder-led team was still in charge.
Naver's investment chief Namsun Kim became executive chairman in April 2025 and CEO that October, as the founders and the head of community left. The Excessive Listing Removal policy (May 2025 to July 2026), an algorithm-only For You Feed, the removal and return of bulk sharing, an unannounced cancellation cap and staff-run brand Posh Shows all drew seller backlash. A first CRO and a brand-supply push point toward commercial scale. Cheaper shipping, the policy's retirement and new seller updates gave partial relief.
Alternatives
Zero seller fees — buyers pay the protection fee, so sellers keep 100% of the sale price. Strong for everyday fashion brands. Moderate switch — you'll need to relist items, but the listing process is simpler than Poshmark's. Smaller U.S. user base than Poshmark, so expect slower sales initially.
Best alternative for vintage, streetwear, and Y2K fashion with a younger, trend-focused audience. No seller fees on U.S. listings as of 2024. Moderate switch — relist your items and build a new follower base. Works best for trendy and curated items; less effective for mainstream brands.
Flat 10% selling fee that includes payment processing, half of Poshmark's 20% commission on sales of $15 and up, with a simpler listing process and broader category support beyond fashion. Easy switch: straightforward listings without sharing rituals. Less fashion-specific community, which can be a plus or minus depending on what you sell.
Dimensional Breakdown
Summaries below were written by AI agents based on the cited evidence. They are editorial interpretations, not independent research findings.
Dimension History
Timeline (54 events)
Poshmark Launches iOS App for Fashion Resale
Poshmark officially unveiled its first product, a free iPhone app built around Posh Parties: real-time themed shopping events where users browse, buy and sell clothing from their own closets and share listings. Founded in February 2011 by Manish Chandra, Gautam Golwala and Chetan Pungaliya (all formerly of Kaboodle) and fashion executive Tracy Sun, the company announced a $3.5 million Series A led by Mayfield Fund alongside the launch.
Series B Funding Accelerates Platform Growth
Poshmark raised a $12 million Series B led by Menlo Ventures, with Mayfield Fund, Inventus Capital, SoftTech VC and SV Angel participating, bringing total funding to $15.5 million after the $3.5 million Series A announced at launch in December 2011. The still iPhone-only app had users listing about $100 million of clothing per year, and the average user opened it seven to eight times a day, validating the social, sharing-driven engagement loop.
Poshmark Launches Android App, Expanding Platform Reach
Nearly two years after its iOS launch, Poshmark launched its Android app, its most-requested feature. The company had crossed 1 million items sold in 2013 alone, 95% of usage was mobile, and users were engaging with the app 7-8 times a day. The expansion brought more sellers into a system built on non-portable follower counts and sharing histories.
Series D Funding Values Poshmark at $600 Million
Poshmark raised $87.5 million in Series D funding led by Singapore-based Temasek, with Menlo Ventures, GGV Capital and Mayfield participating, bringing total venture funding to $160 million; the round valued the company at nearly $600 million (per later CNBC IPO coverage). The company said it hoped to IPO someday, and the valuation created pressure for an eventual IPO or exit, shifting incentives toward growth and monetization.
Data Breach Exposes 36 Million Poshmark User Accounts
An unauthorized third party breached Poshmark's systems in May 2018, taking data on about 36 million user accounts including email addresses, names, usernames, genders, locations and bcrypt-hashed passwords. The breach was not disclosed until August 2019, and in September 2019 a set of one million cracked Poshmark accounts was reported circulating online.
Posh Markets Category System Launches for Fashion Verticals
Poshmark launched Posh Markets in July 2018, a category-based browsing system with immersive markets for women, men, kids, luxury, kicks, prom, maternity, petite, plus-size, activewear, makeup and more. The expansion diversified the platform beyond a single general fashion feed and added more surfaces sellers had to work to be seen in.
Poshmark Expands Beyond Fashion into Home Goods
Poshmark launched the Home Market, marking its first expansion beyond fashion and makeup into categories including wall art, bedding, bath, party supplies, and office items. The move broadened the platform's TAM and deepened seller investment by encouraging multi-category inventory that increased switching costs, while diluting the fashion-focused community experience.
Poshmark Discloses 2018 Data Breach Affecting 36M Users
Poshmark disclosed that an unauthorized third party had taken user profile data (names, usernames, gender, city, email addresses, size preferences and bcrypt-hashed passwords), without saying how many users were affected or when the breach happened. It retained forensics firm Kroll, told users to change passwords and later forced resets. Breach database HIBP later put the incident at 36 million accounts from May 2018, more than a year earlier.
Poshmark IPO Filing Discloses 20% Take Rate and Dual-Class Control
Poshmark's S-1 filing with the SEC disclosed its fee of 20% on sales of $15 and over and a flat $2.95 on sales under $15, among the highest base take rates of major P2P fashion resale platforms. The filing also set up a dual-class share structure: Class B shares carry 10 votes each and were to hold about 98.8% of voting power after the offering, with directors and executives holding about 45%.
Poshmark IPO Opens at $97.50, Valuing Company at $3 Billion
Poshmark priced its IPO at $42 per share; shares opened at $97.50 on Nasdaq and closed the first trading day at $101.50, up more than 140%, after pricing at an initial valuation of more than $3 billion. The IPO raised expectations for growth and revenue from a marketplace that reported 31.7 million Active Users in its S-1.
Poshmark Stock Drops 19.9% as Post-IPO Enthusiasm Fades
Poshmark shares fell $11.83 per share (19.9%) to close at $47.63, signaling that the post-IPO euphoria was fading. The decline reflected concerns about the company's ability to grow revenue fast enough to justify its IPO valuation, creating pressure to find new monetization avenues beyond the 20% commission.
Poshmark Acquires Sneaker Authentication Startup Suede One
Poshmark acquired Suede One, a machine-learning-powered sneaker authentication platform, in its first acquisition. Suede One's computer vision technology could authenticate popular sneakers like Jordan 1s and Yeezy 350s with greater than 99% accuracy, supporting Poshmark's push into the high-value sneaker resale market.
POSH Stock Crashes 29% on Disappointing Q3 Earnings
Poshmark reported a Q3 2021 loss of $0.09 per share versus a $0.44 profit a year earlier, and its stock fell $7.11, or 29%, to close at $17.42 on November 10, 2021. The company blamed difficult comparisons and Apple's iOS privacy changes, which forced it to raise marketing spend to keep acquiring users. Multiple law firms announced securities investigations.
Poshmark Introduces Bulk Upload Template for Sellers
Poshmark launched Bulk Upload on the web, initially exclusive to Posh Ambassadors, letting sellers create or edit many listings at once from CSV spreadsheet templates. Poshmark pitched it partly as a way to import catalogs from other platforms, so it lowered the cost of moving inventory onto Poshmark rather than locking data in.
Recommended Sort Experiment Tanks Seller Sales
Poshmark rolled out a new default 'Recommended' search sort that weighed other factors alongside sharing, replacing 'Just Shared'. Sellers reported sharp sales declines and complained loudly. On February 18, SVP of Seller Experience Tracy Sun announced a switch back to Just Shared as the default for most users, and on March 18, 2022 Poshmark moved to an 'optimized' Just Shared default.
Naver Announces $1.2 Billion Acquisition of Poshmark
South Korean internet conglomerate Naver agreed to acquire Poshmark for $17.90 per share in cash, about $1.2 billion, a 15% premium to the prior close but roughly 82% below POSH's IPO-day close of $101.50. Naver, Korea's leading search company, touted its ad-serving, payments, search and live-shopping technology as tools Poshmark could leverage.
Naver Completes Poshmark Acquisition, Takes Company Private
Naver finalized its $1.2 billion acquisition of Poshmark, delisting the company from NASDAQ and eliminating public financial reporting obligations. The acquisition by Korea's largest search engine company signaled a strategic shift, with Naver's advertising expertise and desire to expand into U.S. markets creating new monetization incentives.
Third-Party Display Ads Proliferate Across Poshmark Pages
Weeks after the Naver acquisition, users reported a marked increase in third-party Google display ads across Poshmark's search, category and listing pages and, per user comments, checkout pages and news feeds. Some ads sent shoppers to competing e-commerce sites, and targeting was poor (one page showed four variants of the same ad).
Poshmark Increases Shipping Costs Shortly After Acquisition
Less than two months after the Naver acquisition closed, Poshmark raised PoshShip shipping costs by $0.30, from $7.67 to $7.97. While a small increase in isolation, the timing signaled the beginning of post-acquisition cost optimization and revenue extraction from the existing user base.
Poshmark Lays Off Less Than 2% of Workforce Post-Acquisition
About seven weeks after the Naver acquisition closed, Poshmark laid off less than 2% of its 800+ employees, primarily in the U.S.; Retail Dive reported that some affected roles were in finance, accounting and HR, deemed unnecessary after going private. The company cited the need to 'align with our priorities for the future, the current economic climate and our return to being a private company.'
CNBC: Secondhand Resale Market Turns 'Cutthroat' After Naver Deal
CNBC reported that the secondhand resale market was getting more crowded and competitive, with independent resellers competing against major retailers like Target and H&M entering resale via ThredUp partnerships, after Etsy's 2021 purchase of Depop and Naver's January 2023 acquisition of Poshmark.
Poshmark Launches Posh Shows Livestream Selling Feature
Poshmark publicly launched Posh Shows in the U.S. and Canada, letting sellers host their own livestreams with live auctions for the first time. After testing since Q4 2022, sellers had already hosted more than 100,000 shows and shoppers had placed more than 4 million bids.
Poshmark Abruptly Exits UK, Australia and India Markets
Poshmark told customers it would close its marketplaces in India, Australia and the UK, which became inaccessible on October 26, 2023, to focus investment on the US and Canada. It had entered India and Australia in 2021 and the UK only in January 2023. The move came nine months after Naver's acquisition and left sellers in those countries about a week to wind down.
Poshmark Adds Class Action Waiver to Its Arbitration Terms
Poshmark updated its Terms of Service effective February 5, 2024, revising its existing dispute-resolution and arbitration provision and adding a class action waiver. The change limits users to individual arbitration instead of collective legal action. It came about a year after Naver took the company private.
Naver Says Poshmark EBITDA Turned Positive in Q4 2023
Reporting Q4 2023 results, Naver said Poshmark's EBITDA turned positive in October-December 2023 on higher sales, transactions and market share. Poshmark's sales also helped lift Naver's e-commerce revenue 35.7% year over year in the quarter. It was the first sign that the privately held Poshmark was being run toward profitability under Naver.
Promoted Closet Pay-Per-Click Ad Tool Launches to All US Sellers
After beta testing with tens of thousands of sellers since early 2023, Poshmark launched Promoted Closet to all U.S. sellers. The cost-per-click tool uses machine learning to promote listings across a seller's closet in search. Poshmark said testers saw a 43% increase in sales. The tool created a two-tier marketplace where paying sellers get boosted visibility.
Posh Party LIVE Merges Livestreams with Shopping Events
Poshmark launched Posh Party LIVE, combining the Posh Shows livestream feature with the legacy Posh Parties shopping events. Daily events at 2 PM Pacific featured curated merchandise from sellers. While adding a new sales channel, the feature further shifted the platform's attention economy toward live content, disadvantaging sellers who could not commit to scheduled live appearances.
Posh Pass Discounted Shipping Program Launches for Ambassadors
Poshmark introduced Posh Pass, a beta shipping discount program offering $5.95 shipping rates fully subsidized by Poshmark, available only to Posh Ambassadors. The program created a tiered seller system where established sellers received shipping advantages unavailable to newer sellers, reinforcing loyalty lock-in for high-volume accounts.
Poshmark Overhauls Fee Structure with Split Buyer-Seller Fees
Poshmark replaced its 20% seller commission with a split model: a 5.99% seller fee and a 5.99% buyer protection fee, plus $1-$3 transaction fees on each side by order size. Seller fees fell, but buyers' all-in costs rose, and sellers calculated the total take was higher on items under about $90. Shoppers spent less, and power sellers reported double-digit sales drops within weeks.
Poshmark Reverses Fee Restructuring After Seller Revolt
After less than three weeks, Poshmark fully reverted to the original 20% seller commission following massive seller backlash, declining sales, and buyer exodus. CEO Manish Chandra publicly apologized, acknowledging that shoppers spent less as they shifted spending from orders to fees. Poshmark also scrapped the Posh Pass shipping program alongside the reversal.
Poshmark Recruits for 'Rapidly Growing' Ads Business After Fee Reversal
Weeks after the split-fee reversal, Poshmark's Vice President of Monetization and Ads, Adi Thacker, posted that he was hiring product managers for Poshmark's 'rapidly growing ads / monetization business'. Value Added Resource read it as a sign the company would lean on seller-funded ads such as Promoted Closet to raise revenue instead of fees.
Pop-Up Ads Interrupt Poshmark Checkout and Payouts
Users reported pop-up ads appearing at checkout and when sellers requested a payout of their balance, including an ASPCA fundraising pop-up after a balance redemption. Sellers complained that the ads were poorly targeted and wasted time. The ads extended Poshmark's advertising into transaction flows that had been ad-free.
Excessive Listing Removal Policy Announced for May 2025
Poshmark announced a new policy prohibiting excessive deletion and relisting of items, with enforcement beginning May 1, 2025. The policy bans removing and relisting the same items within 60 days and penalizes mass listing removals. Cross-listing sellers immediately raised alarms, as deleting items sold on other platforms could trigger enforcement despite Poshmark's claims such activity was exempt.
Sellers Hit with Warnings and Suspensions on Policy Launch Day
On the first day of the Excessive Listing Removal policy, sellers reported warnings and suspensions they described as unfair or erroneous, including for listings removed before the policy took effect. Some sellers who removed items that had sold on other platforms were penalized despite Poshmark's stated exemption for such activity.
Founder Manish Chandra Steps Down as CEO After 15 Years
Poshmark co-founder Manish Chandra announced he would step down as CEO effective October 1, 2025, with Naver investment chief Namsun Kim succeeding him. Kim had served as executive chairman since April 2025. The transition marked the end of founder-led stewardship and the beginning of direct Naver operational control over the platform.
Digital Privacy Class Action Filed Against Poshmark (Arnold v. Poshmark)
Arnold v. Poshmark, Inc. (No. 3:25-cv-06917) was filed on August 15, 2025 in the U.S. District Court for the Northern District of California as a digital privacy class action over Poshmark's handling of user data. By October 2025 the parties had agreed a briefing schedule for Poshmark's motion to dismiss.
Poshmark Cuts Default Shipping Rate to $6.49
Poshmark switched its prepaid labels from USPS Priority Mail to Ground Advantage after Priority Mail rate increases in July, cutting the flat shipping rate from $8.27 to $6.49 on September 12, 2025, its lowest since 2017. Delivery windows lengthened from two to three business days to two to five, and sellers had to stop using Priority Mail packaging, with free Ground Advantage boxes offered instead.
Poshmark Overhauls Feed with Algorithm-Driven For You Feed
After months of testing, Poshmark made its algorithm-driven For You Feed the only feed for buyers, replacing the Following Feed. Visibility now depends on listing quality, seller activity and trust signals such as shipping speed. Sharing others' listings no longer affects Feed visibility, and following no longer affects discovery. Sharing only refreshes a listing in the 'Just Shared' search sort.
Arnold v. Poshmark Privacy Class Action Voluntarily Dismissed
After motion-to-dismiss filings in late October 2025, plaintiff Tonya Arnold filed a notice of voluntary dismissal of her digital privacy class action in the Northern District of California on November 3, 2025, and the case was terminated on November 4. No ruling on the merits was made.
Poshmark Removes Bulk Sharing Feature Without Warning
Under new leadership, Poshmark removed the Bulk Sharing tool from its mobile app without any public announcement. Support told sellers there was 'no need to bulk share regularly'. Sellers relied on the tool to keep hundreds of listings visible, and its removal sharply increased the manual work of maintaining visibility. Some suspected it was meant to push sellers toward paid Promoted Closet.
Mass Listing Deletions in Error Cause Seller Panic
An issue that Poshmark tied to third-party services some sellers use to access the platform caused mass removal of seller listings. The removals triggered automatic restrictions under the Excessive Listing Removal policy. Poshmark reset passwords for potentially affected accounts, restored the listings and lifted the restrictions. The incident showed how automated enforcement could penalize sellers for removals they did not make.
Sellers Say Poshmark Competes With Them Through Staff-Run Posh Shows
Poshmark began hosting its own Posh Shows from official accounts run by employees, including a 'partnership' show with Quince selling deadstock and returned goods and shows of Korean beauty products. Sellers objected that the platform was competing against them with promotional advantages they could not match. A Reddit thread on the Quince show drew more than 130 replies.
Stealth Cancellation Policy Change Triggers Seller Suspensions
Poshmark quietly rewrote its seller policy to prohibit repeated cancellations, with no blog, email or in-app announcement, and began restricting and suspending sellers for too many cancellations without warning. The appeal process was confusing. Combined with the Excessive Listing Removal policy, cross-listing sellers faced a Catch-22: removing items sold elsewhere risked listing-removal penalties, but leaving them up risked cancellation penalties.
SVP Community LyAnn Chhay Exits, One Co-Founder Remains
SVP Community LyAnn Chhay left after almost 15 years. She followed 2025 departures of CEO Manish Chandra, SVP Engineering Chetan Pungaliya and SVP Seller Experience Tracy Sun, which left CTO Gautam Golwala as the only original co-founder at the company. Naver's Namsun Kim was by then running Poshmark.
Poshmark Restores Bulk Sharing After Seller Pushback
Following intense seller backlash, Poshmark announced via Instagram that bulk sharing would return to the app on December 15, acknowledging that 'many of you shared how valuable it is for keeping your closets organized.' The reversal, like the October 2024 fee reversal, demonstrated a pattern of implementing unpopular changes and retreating only after significant user revolt.
Poshmark Names First Chief Revenue Officer
Poshmark appointed luxury e-commerce veteran Elizabeth von der Goltz (formerly of Bergdorf Goodman, Net-a-Porter and Farfetch) as its first Chief Revenue Officer, starting the next month. The role was created to enhance the commercial performance and profitability of the platform, and CEO Namsun Kim said the next phase pairs its product DNA with 'commercial precision'.
Poshmark Pledges Greater Transparency Under New Leadership
Under new CEO Namsun Kim, Poshmark launched Posh Preview, a quarterly update program designed to give sellers visibility into company priorities. The company also introduced an in-app Seller Updates hub and pledged to streamline notifications. While the transparency initiative was positive, it arrived after 18 months of controversial changes including the fee debacle, algorithm overhaul, and multiple stealth policy updates.
Poshmark Pilots Buyer-Paid Worry-Free Returns With Seel
Poshmark began testing an optional buyer-paid add-on at checkout, run by Seel, that allows returns within 7 days for fit or change of mind, which Posh Protect does not cover. The fee is described only as a small percentage of the order, shown before the order is confirmed. Returned items go to Seel's liquidation partners, not back to sellers, whose payouts are not affected.
Poshmark Closes Wholesale Market and Phases Out Boutiques
Poshmark announced that its Wholesale Market would close on February 28, 2026 and that Boutique listings would be converted to New With Tags from March, with Boutique-specific tabs, filters and seller tools removed. Wholesale sellers were told to continue through standard closets.
Poshmark Shortens Cancellation Restrictions, Adds Cancellation Stats
Poshmark said it had shortened the restrictions placed on sellers who exceed cancellation rate limits, effective March 26, 2026. It also promised a seller stat showing each seller's cancellation rate over the past 90 days, which the December 2025 policy change had lacked.
App Redesign Brings Back 3:4 Photos Despite Lead-Time Pledge
Poshmark launched its first major app redesign in 15 years, built around an algorithmic For You page, a consolidated Seller Tools hub and larger 3:4 portrait images. Sellers protested that the format cropped existing photos and would require reshooting thousands of listings. Poshmark had reversed a similar change after backlash in late 2025 and had promised in January to give lead time before any broader switch.
Poshmark Hires to Court Brands and Enterprise Sellers
A Poshmark job listing for a Director of Supply Partnerships set targets for partner acquisition, GMV contribution and take rate from brands, retailers, consignment partners and large-scale sellers. Value Added Resource described it as a shift from peer-to-peer resale toward managed supply that risks sidelining the independent sellers who built the marketplace.
Poshmark Retires Excessive Listing Removal Policy
Poshmark retired its Excessive Listing Removal policy effective July 23, 2026, after more than a year of seller complaints, enforcement errors and suspensions, letting sellers delete listings without risking penalties. It also announced a seller recognition program that will let buyers filter for sellers meeting standards on shipping time, cancellations (2% or less) and approved returns. The separate 3% seller cancellation policy remains in force.
Poshmark Buys Linda's Stuff Facilities, Sunsets Consignment Program
Poshmark ended its community-based consignment program and acquired the operational facilities of Linda's Stuff, the former partner behind eBay's US luxury consignment, to run a centralized 'consignment as a service' model. Linda's Stuff also moved its live shopping shows from eBay to Poshmark. No fees or launch dates for the new service were given.
Evidence (50 citations)
D1: User Value Erosion
D2: Business Customer Exploitation
D3: Shareholder Extraction
D4: Lock-in & Switching Costs
D5: Twiddling & Algorithmic Opacity
D6: Dark Patterns
D7: Advertising & Monetization Pressure
D8: Competitive Conduct
D9: Labor & Governance
D10: Regulatory & Legal Posture
Scoring Log (6 entries)
Checked 80 items + prose. 29 verified, 29 corrected (12 date-only), 21 re-sourced, 1 removed. Invented: $15-20M 2024 ad revenue / 85% commission share traced only to a SimiCart SEO page (removed from evidence, D7 summary and narrative). Key fixes: Series B was Dec 2012; S-1 filed Dec 17, 2020 and could not show full-year 2020 results; Poshmark did not disclose the 36M breach count; arbitration clause pre-existed (only a class action waiver was added); For You Feed replaced Following Feed Oct 2025; fee change cut seller fees; BBB, Sitejabber, 18.4M-user and tracker claims corrected or trimmed; Excessive Listing Removal policy re-tensed (retired July 2026).
50->45. D3 5->4 (recalibration: private subsidiary, no buybacks/dividends, <2% layoff, still investing; monetization focus fits 4), D4 5->4 (event: Excessive Listing Removal policy retired 2026-07-23), D5 6->5 (recalibration: published feed factors plus new seller stats/Posh Preview fit 4-5 despite unannounced changes), D6 5->4 (recalibration: confirm-shaming upsell claim unsourced, fee-split sneaking reversed in 3 weeks; pop-ups and stealth policy keep it at 4), D8 4->3 (event: ELR retired; staff-run brand Posh Shows self-preferencing partly offsets). D1, D2, D7, D9, D10 unchanged (D10: Arnold v. Poshmark voluntarily dismissed 2025-11-03, band unchanged because the arbitration/class-waiver posture remains). Naver-wide conduct (KFTC Naver Shopping self-preferencing case, Wallapop/KREAM portfolio, ThingsBook) not scored; only Poshmark's own conduct and Naver's control of Poshmark weigh. Eras: all 6 re-dated to inflection events: 2011-12-01->2011-12-06 (iOS launch), 2018-01-01->2018-05-01 (data breach), 2021-01-01->2021-01-14 (IPO), 2023-01-01->2023-01-05 (Naver close), 2024-05-01->2024-05-16 (Promoted Closet), current 2026-02-17->2025-04-28 (Excessive Listing Removal policy; Kim exec chairman April 2025), relabeled 'Post-Founder Naver Control'->'Naver Takes Direct Control'. Since Oct 2025: For You Feed sole feed, bulk sharing pulled/restored, stealth 3% cancellation cap, staff-run brand Posh Shows, first CRO, Arnold suit dismissed, Wholesale/Boutiques closed, 3:4 photo redesign, brand-supply push, cancellation restrictions shortened, ELR retired, Linda's Stuff facilities bought. Trajectory worsening->stable (late-2025 harms offset by 2026 rollbacks). Alternatives: Mercari line reworded (fee comparison tripped the score check); Vinted/Depop still accurate. Category OK.
Added 1 missing dimension narrative