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9 Jan

Naver Wraps Up Poshmark Acquisition

Naver, which said it was buying apparel resale site Poshmark for $1.2 billion in October, said Thursday that it has accomplished the deal.

Naver said the acquisition will “create a world player in online fashion re-commerce by combining Poshmark’s unique discovery-based social shopping platform and deeply engaged community with Naver’s technological prowess in up-leveling the e-commerce experience.”

On account of the closing, shares of Poshmark ceased trading and were delisted from the Nasdaq. “As previously announced, Poshmark will proceed to operate under its existing brand, in addition to maintain its worker base, Poshmark community, and headquarters in Redwood City, California,” Naver said in a press release.

Naver, which was founded in 1999, is Korea’s oldest surviving start-up and today the country’s largest web company. It described Poshmark because the “definitive brand for fashion in america,” which is able to speed up Naver’s technique to construct a world e-commerce community portfolio “to capture growth in large untapped markets all over the world.”

Naver said Poshmark will profit from Naver’s leading technology, expertise in Asia, “and successful track record of backing e-commerce platforms globally.”

Naver said the deal is predicted to “increase purchase conversion rates, deepen user engagement, create an industry leader in livestreaming commerce, and enhance the unique relationship and discovery-based experiences which are driving fast-growing re-commerce verticals.”

The move comes as corporations comparable to Tmall and others speed up the expansion of livestreaming globally.

Sooyeon Choi, chief executive officer of Naver, said in a press release that the corporate is thrilled to shut the deal “and welcome Poshmark to the Naver family, creating the strongest platform for powering communities and refashioning commerce.”

“I’m confident Naver’s leading technology in search, AI suggestion, and e-commerce tools will enhance the user experience for the Poshmark community and create additional value for all our stakeholders,” Choi said. “Naver and Poshmark will immediately be well-positioned to compete globally in the long run and profit from c-to-c [consumer-to-consumer] as a serious revenue source.”  

Manish Chandra, founder and CEO of Poshmark, said as a part of Naver, the corporate will “profit from their financial resources, significant technology capabilities and leading presence across Asia to expand our platform and enhance our user experience. I’m pleased with what our team has built and stay up for seeing Poshmark employees profit from being part of a bigger, global organization that shares our values and vision around content, community and empowerment.”

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