Poshmark has added an Amazon executive, Rodrigo Brumana, as its new chief financial officer, as the fashion marketplace looks to improve its returns on marketing investments, The Wall Street Journal (WSJ) reported.
“Poshmark has a long runway of opportunity ahead, and with Rodrigo’s extensive experience, we will continue to accelerate growth and achieve our vision to build a more seamless, more social, and more circular way to shop,” Poshmark CEO Manish Chandra said in a press release announcing the appointment.
Brumana has been Amazon’s finance chief for its private-label business since last year, according to WSJ. He also has a history working with OfferUp, a used goods market, as CFO. Prior to that, he was eBay’s senior director of finance.
Brumana will be tasked with finding innovative ways to improve the company’s returns on marketing investments, which could help draw in new customers, the report stated.
Poshmark went public earlier this year.
Read more: Poshmark IPO Puts Spotlight on reCommerce
The company has been facing challenges as of late due to the privacy changes at Apple’s app store, which has made it so users have to be asked before their information is submitted for tracking purposes, according to WSJ. That has led to many users opting out, which in turn has led to apps getting less data for targeted ads.
Last week, Poshmark said its third quarter revenue increased 16%, reaching $79.7 million. Active buyers in the trailing 12 months reached 7.3 million in the three months that ended Sept. 30, a 17% increase versus the same period last year.
See more: Poshmark Sales Hurt by Apple Privacy Changes
Last month, Poshmark rolled out the Brand Closet program to let big companies connect more directly with the company’s secondhand marketplace. The new program allows the brands to announce limited offerings on the platform, set up one-on-one interactions, and spur more awareness of the Poshmark catalog.
Read more: Poshmark Allows Brands to Sell Directly on Platform
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