South Korea’s Naver announced the acquisition of “American version of Xianyu” Poshmark for US$1.2 billion!

It is learned that according to foreign media reports, South Korean Internet giant Naver recently announced the acquisition of Poshmark, the largest second-hand trading e-commerce platform in North America, for US$1.2 billion.

It is reported that Naver will acquire 100% of Poshmark's shares at a price of US$17.9 per share. The acquisition date is April 4 next year. After the acquisition is completed, Poshmark will become an independent subsidiary of Naver.

Poshmark will continue to operate independently, with no changes to CEO Manish Chandra and the current management team, and the company's headquarters in Redwood City, California, will remain unchanged.

Naver CEO Choi Soo-Yeon said Naver's search technology, artificial intelligence recommendations and e-commerce tools will drive Poshmark's global expansion.

According to reports, Poshmark was founded in 2011 and focuses on transactions in second-hand fashion clothing, luggage and accessories. It is known as the "American version of Xianyu". As of now, Poshmark has 80 million registered users. In 2021, the platform's total transaction volume (GMV) reached approximately US$2 billion, and total sales were approximately US$330 million.

Poshmark's main audience is millennials and Generation Z. Millennials and Generation Z are the largest shopping groups on second-hand trading websites in the United States, and are also the key drivers of the circular economy and social platforms in the United States.

It is understood that Naver has previously acquired second-hand trading platforms such as Kream (South Korea), Vintage City (Japan), and Vestiaire Collective (Europe), and continued to invest in fashion vertical platforms.

Naver said that in the future it will work with Poshmark to pay attention to and understand the values ​​and consumption patterns of Generation Z, the core consumer group of the new generation market, and continue to invest in creating greater development space based on a common business.

Editor ✎ Nicole/

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