Korea’s largest internet company, Naver, have announced the completion of their acquisition of the Poshmark marketplace.
With the completion of the transaction, Naver and Poshmark aim to create a global player in online fashion recommerce by combining Poshmark’s unique discovery-based social shopping platform and deeply engaged community with Naver’s technological prowess.
As the definitive brand for fashion in the United States, Poshmark accelerates Naver’s strategy to build a global ecommerce 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 ecommerce 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 recommerce verticals.
We also expect Poshmark to launch in the UK in the near future.
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 ecommerce 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.”
– Sooyeon Choi, CEO, Naver
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 who shares our values and vision around content, community, and empowerment.
– Manish Chandra, Founder and CEO, Poshmark
