Poshmark, EON, and Coachtopia Team Up to Launch Instant Resale in the U.S., powered by EON's Digital ID Technology

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Sep 19, 2024, 09:00 ET

Partnership Enables Consumers to Easily Resell Coachtopia Products Using an Item's Unique Digital ID, Boosting Circularity and Transparency

REDWOOD CITY, Calif. and NEW YORK, Sept. 19, 2024 /PRNewswire/ -- Poshmark, a leading fashion resale marketplace powered by a vibrant community, together with EON, the leader in Digital ID technology, and Coachtopia, the Coach sub-brand with a mission to pioneer circularity in fashion, today announced a new partnership that empowers consumers to instantly and seamlessly resell Coachtopia products on Poshmark using each product's unique Digital Passport. Building on Coach and EON's relationship, in which Coachtopia products come embedded with a Near-Field Communication (NFC)-powered Digital ID, consumers now have the option to resell the item on Poshmark with the click of a button, making the resale process easier than ever. By making its products "resale-ready," Coachtopia is helping its consumers participate in the circular economy, while also deepening the post-purchase relationship, increasing customer lifetime value and gaining visibility into second life transactions.

"Our goal is to make the resale process as simple and seamless as possible, empowering everyone to bring their closet online and participate in the circular economy," said Manish Chandra, Founder and CEO of Poshmark. "Poshmark's community has already kept more than 300 million products in circulation and out of landfills and our partnership with EON will only amplify that impact, unlocking a new, efficient way for people to easily keep their Coachtopia items in circulation. Given Coachtopia's commitment to circularity in fashion, the partnership between our communities is a natural fit, empowering more people to embrace resale while generating invaluable insights for brands."

With this announcement, Poshmark joins EON Exchange, EON's pioneering integrated partner marketplace which enables brands to embed valuable services into their products. Brands leveraging EON Exchange can share product data with business partners, such as resale platforms like Poshmark, and receive post-sale events data, such as resales, repairs, recycles, and more to unlock competitive insights and end-to-end product traceability.

"We are thrilled to welcome Poshmark to the EON Exchange, and make it just as easy for Coachtopia customers to resell their products as to buy them," said Natasha Franck, Founder and CEO of EON. "This partnership reflects the importance of an ongoing relationship between brands and customers, which no longer ends at the first point-of-sale. Now brands can drive continuous revenue, relationships and data across the entire product lifespan."

To resell a Coachtopia item on Poshmark, a consumer simply taps the embedded NFC tag (the same technology used for mobilepay) with their smartphone, and is taken to a detailed product page with information on the product's environmental footprint, materials, design and circular services, including the option to resell the item on Poshmark. A simple click produces a complete, pre-filled listing on Poshmark with item details, creating a seamless resale process.

"The unique digital passport embedded in Coachtopia products is a critical element in our mission to pioneer circularity in fashion, providing visibility on each product's journey as it lives multiple lives—both for us as a brand and for our growing global community," said Joon Silverstein, SVP Global Marketing and Sustainability at Coach and Head of Coachtopia. "I'm excited to extend our partnership with EON and Poshmark both to expand that visibility outside our own trade-in and resale platforms and to make it easier than ever for our Coachtopians to resell their products and help us build a better future for our industry."

Coachtopia will now also have access to near real-time resale data from Poshmark, including which products were resold, the sale price, and more. This data is then recorded to the item's Digital ID to increase transparency, build consumer trust and provide Coachtopia with new insights into the end-to-end product lifecycle.

About Poshmark
Poshmark is a leading fashion resale marketplace powered by a vibrant, highly engaged community of buyers and sellers and real-time social experiences. Designed to make online selling fun, more social and easier than ever, Poshmark empowers its sellers to turn their closet into a thriving business and share their style with the world. Since its founding in 2011, Poshmark has grown its community to over 130 million users and generated over $10 billion in GMV, helping sellers realize billions in earnings, delighting buyers with deals and one-of-a-kind items, and building a more sustainable future for fashion. For more information, please visit www.poshmark.com, and for company news, visit newsroom.poshmark.com.

About EON
EON is changing the way customers buy, sell, own and interact with products. The leader in Digital ID technology, EON enables brands to turn their products into more valuable, traceable and interactive assets that generate ongoing revenue and insights. The EON Product Cloud platform generates a unique Digital ID for every item, enabling brands to track products end to end, offer seamless resale, access competitive insights and connect with customers. EON's partner marketplace, EON Exchange allows brands to connect their products to a range of services including its pioneering Instant Resale, powered by integrations with dozens of players in every part of the retail industry. EON's clients include Coach, Chloé, Victoria's Secret, Target and many more. To learn more, visit EON.xyz.

About Coachtopia
Launched in April 2023, Coachtopia is a Coach sub-brand focused on circular craft and collaborative creativity, catalyzing the brand's progress towards a fully circular business model. Harnessing more than 80 years of Coach leather expertise, Coachtopia reimagines the product lifecycle from end to beginning— reducing the creation of new materials by crafting with waste and designing products that can be reimagined, remade and recycled to live multiple lives. To learn more, visit coachtopia.com.

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SOURCE Poshmark, Inc.