Wraps Tag

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...