Naver wraps up $1.2bn acquisition of e-commerce marketplace Poshmark
South Korean internet company Naver has completed the previously announced acquisition of Poshmark, a social e-commerce marketplace, for an enterprise value of around $1.2bn, in a move to create a global player in online fashion re-commerce.
The transaction, which was announced in October 2022, is expected to accelerate Naver’s strategy to build a global e-commerce community portfolio.
With the acquisition, Naver expects to expand and diversify the company’s e-commerce platform, and benefit from the global online fashion re-commerce and sustainable economy opportunity as well as enhance its community with a global social network of younger users.
Poshmark is a social marketplace for new and second-hand style for women, men, kids, pets, and home, with over 80 million registered users across the US, Canada, Australia, and India.
E-commerce marketplace Poshmark acquired by Naver. Photo courtesy of Abhiramakella/Wikimedia Commons.
Sooyeon Choi — Naver CEO said: “We’re thrilled to close the transaction and welcome Poshmark to the Naver family, creating the strongest platform for powering communities and re-fashioning commerce.
“I’m confident Naver’s leading technology in search, AI recommendation, and e-commerce tools will enhance the user experience for the Poshmark community and create additional value for all our stakeholders.
“Naver and Poshmark will immediately be well-positioned to compete globally in the future and benefit from C2C as a major revenue source.”
Poshmark, on the other hand, anticipates extending its presence and capitalizing on Naver’s technology and expertise in Asia as part of the transaction.
Manish Chandra — Poshmark Founder and CEO said: “As a part of Naver, we’ll benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform and enhance our user experience.”
Poshmark will become a standalone US subsidiary of Naver and continue to operate under its existing brand, following the completion of the transaction
The company’s common stock, however, ceased trading and has been delisted from the NASDAQ.