The acquisition is a first for Poshmark, which offers new and secondhand products for women, men, kids, pets, home and more on its marketplace. Suede One uses machine learning, computer vision and expert human review to virtually authenticate sneakers.
The deal is a strategic investment for Poshmark, which has capitalized on the high-growth resale market. The resale, or recommerce, space has seen significant growth over the past few years. Younger consumers, including Gen Z and Millennials, are big buyers of secondhand apparel and goods, which are environmentally friendly. Resale shoppers are also interested in finding their favorite brands at a lower price.
Brands have also noticed the trend, with several creating their own recommerce markets to offer secondhand and buyback programs to their customers.
Suede One enables an inventoryless approach to authentication, with technology analyzing product images and running algorithms on consistencies to identify whether an item is real or counterfeit. Sneakers are one of the most popular subsectors in resale, making counterfeit items a real problem. Suede One can authenticate popular sneakers, such as Jordan 1s and Yeezy 350s, with 99% accuracy, according to internal testing.
Other sneaker types can be authenticated through a human review submission with help from the company’s proprietary authenticator tool. Suede One was involved in 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 align with Posh Protect, Poshmark’s guarantee of 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. Suede One’s team has joined Poshmark, effective Oct. 13.