REDWOOD CITY, Calif. – Naver, a Korean web firm, has acquired secondhand market Poshmark for about $1.2 billion.
“The chance to affix forces with Naver, one of many world’s main and most modern and profitable web corporations, is a testomony to the energy of our model, working mannequin, and what we’ve constructed over the past decade,” mentioned Manish Chandra, Poshmark founder and CEO. “Our trade continues to evolve at a speedy tempo, and we’re excited to proceed to guide the way forward for procuring by offering our group with an unparalleled expertise that’s easy, social, enjoyable and sustainable.”
For its half, Naver mentioned the mix of the 2 corporations will create a stronger platform for powering communities because the firm’s expertise in search, AI advice and e-commerce instruments will assist energy the following part of Poshmark’s world development.
“Poshmark is a pure match for our enterprise, our two corporations share a typical set of values and imaginative and prescient round content material, group and empowerment,” mentioned Choi Soo-Yeon, Naver CEO. “Bringing Naver and Poshmark collectively will instantly put us on the forefront of making a brand new, socially accountable, and sustainable procuring expertise designed round sellers of all sizes together with a big, loyal, and extremely engaged social group.”
The transaction will create a world participant in on-line trend and residential décor re-commerce by combining Poshmark’s discovery-based social procuring platform and deeply engaged group with Naver’s technological prowess in upleveling the e-commerce expertise, the businesses mentioned.
The mix accelerates Naver’s technique to seize development in giant markets around the globe, together with Poshmark’s dwelling market of North America.
Underneath the phrases of the settlement, Naver will purchase all the issued and excellent shares of Poshmark for $17.90 per share in money. The transaction is predicted to shut by the primary quarter of 2023.
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