The biggest online firm in Korea revealed that it had successfully acquired Poshmark, Inc.
Poshmark's distinctive discovery-based social shopping platform and highly active community will be combined with Naver's technology ability in elevating the e-commerce experience to establish a worldwide player in online fashion re-commerce once the transaction is complete. Poshmark accelerates Naver's ambition to develop a global e-commerce community portfolio in order to capture growth in sizable untapped areas around the world. Poshmark is the go-to brand for fashion in the United States. Poshmark gains from Naver's cutting-edge technology, Asia-specific knowledge, and proven track record of supporting e-commerce platforms worldwide.
Together, the companies hope to improve the distinctive relationship- and discovery-based experiences that are powering quickly expanding re-commerce verticals. They also hope to increase purchase conversion rates, deepen user engagement, establish themselves as an industry leader in livestreaming commerce.
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 who shares our values and vision around content, community, and empowerment."
As soon as the deal was finished, trading in Poshmark common shares stopped, and the company was delisted from the NASDAQ. As previously stated, Poshmark will preserve its current brand, employment base, Poshmark community, and Redwood City, California, as its corporate headquarters.