Poshmark is an online marketplace where people can buy and sell clothing from boutiques or their own closets.

The Wall Street Journal reported on Thursday that Poshmark is planning to file for an IPO later this year.

Since it launched in 2011, it has grown into a community of five million sellers.

Last May, the company announced that it had paid out $1 billion to its community of sellers so far. One of these sellers, Suzanne Canon, personally pulled in $1 million of sales on the app .

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Men and women across the United States are joining the Poshmark craze and selling their clothing online. Some are even turning it into a full-time job and launching their own boutiques.

This online-only marketplace functions in a similar way to eBay in that it allows people to buy and sell clothing and accessories with ease.

The Wall Street Journal reported on Thursday that Poshmark is planning to file for an IPO later this year. The company did not immediately respond to Business Insider's request for comment.

Since launching in 2011, Poshmark has transformed into a community of five million sellers, who so far have been paid out $1 billion, the company said last year. The company was founded by Manish Chandra, who is currently its CEO. His idea for Poshmark came about as iPhones started to explode in popularity and Chandra realized just how easy he could make the process of selling clothing online.

"It marries technology, fashion, and commerce together," Chandra told Business Insider in 2018.

Last year, Business Insider interviewed top seller Suzanne Canon, who has personally pulled in over $1 million in sales since she started selling in 2012. Selling on Poshmark is now her full-time job.

"I don't understand how it happened. I went on the app to make a little money on extra clothes," she told Business Insider.

Sellers only need to upload photos of their items from their phone to the app in order to list them for sale. Poshmark takes a $2.95 commission on all sales under $15. It takes a 20% commission on any sales above $15.

We spoke to five of the app's top sellers, who have pulled in amounts ranging from $10,000 to around $100,000 a year since beginning to sell on Poshmark over the past few years.

See their top tips for turning a sale on Poshmark, below: