[Pangyo Tech] Naver Acquires ‘Poshmark’, North American Fashion C2C Platform

Naver Corporation announced that it is acquiring Poshmark, Inc., the largest fashion C2C community in North America. Naver evaluated Poshmark’s enterprise value at $17.9 per share and a net enterprise value of $1.2 billion.

Naver’s acquisition was pursued to secure long-term commerce competitiveness by preemptively responding to the global C2C market, which is evolving into a vertical platform. While the vertical C2C market, a trading platform between individuals with the same interests within a limited category such as fashion, limited edition or luxury goods, continues to grow, mainly in Europe and North America, Naver is nurturing and investing in companies like ‘Cream’ in Korea and ‘Vintage City’ in Japan. And In Europe, Naver has invested in ‘Bestiere Collective’.

Through this acquisition of Poshmark, Naver is building a global portfolio connecting Korea, Japan, and Europe based in North America, the core of the C2C market.

Poshmark is a leading company in the fashion C2C field in the North American market and has a unique business model with strengths in social and community. Both Naver and Poshmark ▲ pay attention to the formation of interest-based communities as a key factor in growth ▲ have deep understanding of the values ​​and consumption methods of the MZ generation, the core group of the next-generation market, ▲are extensively investing in technology, and they both agreed that they can achieve great growth based on their common business vision.

The two companies plan to enhance the service linkage between the story and entertainment business centered on Webtoon and Whatpad, which are spreading across the MZ demographic in North America, and the commerce business through Poshmark. In addition, by utilizing Naver’s search and AI recommendation and vision technology, live commerce, community platform, and advertising platform, the company is planning to provide innovative experiences to users of Poshmark and discover new business models in various fields.

Through this acquisition of Poshmark, Naver plans to aggressively target the North American MZ-generation community with a focus on content, commerce, and entertainment. | Provided by Naver

Through this acquisition of Poshmark, Naver plans to aggressively target the North American MZ-generation community with a focus on content, commerce, and entertainment. | Provided by Naver

Choi Soo-yeon, CEO of Naver said, “By working with Poshmark, the No. 1 fashion C2C platform in North America with a large number of users, Naver has laid an important foundation for a broader understanding of North American MZ generation. As a Korean company, we will continue to achieve a higher level of growth through new innovations and challenges in Silicon Valley, the base of global IT industry.” She continued, “We will create a new trend in the global C2C market by providing future core users with differentiated experiences like ▲C2C shopping ▲webtoon ▲and K-pop content.”

Manish Shandra, CEO of Poshmark said, “Naver is one of the most notable Internet companies not only in Korea but also in Asia. Naver is also an innovative technology company and a global company that is successfully developing a business that encompasses various fields of the Internet. I am confident that as members of Naver, a larger organization, all my employees and I will have more opportunities for growth.”

“Naver is an all-in-one partner for Poshmark to take a new leap forward, and it will add technology and service features to provide a new experience for the community of sellers and users,” She added.

Meanwhile, when the acquisition is completed, Poshmark will be incorporated as an affiliate of Naver, which operates an independent business, and Poshmark’s executives will maintain the same brand and business identity in North America, Australia and India.

Source: Pangyo Techno Valley Official Newsroom

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