South Korean tech platform Naver are planning to acquire second hand online marketplace Poshmark for approximately $1.2 billion. Both companies have entered into a definitive agreement under which Naver will acquire all of the issued and outstanding shares of Poshmark.
Poshmark have been gradually growing their presence as a key player in the U.S. Last year the platform launched a grant program for sellers in the country and managed to secure a 10-Year Partnership Award from the U.S. Postal Service earlier this year. This acquisition will help them level up globally.
The combination will create the strongest platform for powering communities and re-fashioning commerce. Poshmark is the definitive brand for fashion in the United States that provides a social network for buying and selling apparel. Naver’s leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark’s global growth.
The transaction 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. Poshmark will also leverage Naver’s proven expertise and track record in Asia and its significant expertise from backing and investing in other fashion and consumer-to-consumer (C2C) e-commerce platforms globally.
The combination accelerates Naver’s strategy to build a global e-commerce community portfolio to capture the growth in large markets around the world, including Poshmark’s home market of North America. 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.
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