For around US $1.2 billion, the Nasdaq-listed secondhand apparel e-commerce platform Poshmark will be acquired by South Korean internet powerhouse Naver.
By the beginning of 2023, the acquisition is anticipated to be finalized.
Poshmark, which has over 80 million registered users in over 90% of the country, will help Naver to grow its position in the US while also gaining a footing in the fashion recommerce market. This quickens Naver’s strategy for developing a global portfolio of e-commerce communities and capturing development in key international markets.
Poshmark subsequently acquires access to the South Korean market. Additionally, it will be able to use Naver’s analytics software and image recognition technology to enhance its offers.
In order to expand its products, Poshmark can draw on Naver’s experience supporting other e-commerce and fashion platforms.
The fashion recommerce site will continue to run as a stand-alone US subsidiary of Naver, under its own brand, with its existing community, staff, and management group, which is managed by founder and CEO Manish Chandra.
“Poshmark is a natural fit for our business – our two companies share a common set of values and vision around content, community, and empowerment,” said Naver CEO Soo-Yeon Choi.
Naver, which was established in 1999 and is best known for its Line app, also purchased Wattpad in 2021. In 2020, it also made a purchase on the Carousell online marketplace, which is based in Singapore.