Naver Completes Acquisition of Poshmark
Naver Completes Acquisition of Poshmark
2023-01-06
Naver Corp. (KRX: 035420) ("Naver"), Korea's largest internet company, today announced the completion of its previously-announced acquisition of Poshmark, Inc. ("Poshmark").
With the completion of the transaction, Naver and Poshmark together will create a global 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 upleveling the e-commerce experience. As the definitive brand for fashion in the United States, Poshmark accelerates Naver's strategy to build a global e-commerce community portfolio to capture growth in large untapped markets around the world. Poshmark benefits from Naver's leading technology, expertise in Asia, and successful track record of backing e-commerce platforms globally.
Together, the companies expect to increase purchase conversion rates, deepen user engagement, create an industry leader in livestreaming commerce, and enhance the unique relationship- and discovery-based experiences that are driving fast-growing re-commerce verticals.
Sooyeon Choi, CEO of Naver, 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."
Manish Chandra, Founder and CEO of Poshmark, said, "We are thrilled to join forces with Naver and continue evolving the future of shopping in an engaging and sustainable way. 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. I'm proud of what our team has built and look forward to seeing Poshmark employees benefit from being part of a larger, global organization that shares our values and vision around content, community, and empowerment."
In connection with the completion of the transaction, Poshmark common stock ceased trading and has been delisted from the NASDAQ. As previously announced, Poshmark will continue to operate under its existing brand, as well as maintain its employee base, Poshmark community, and headquarters in Redwood City, California.
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