Naver Completes 1.7 Trillion Won Acquisition of Focimark... "Full-Scale Global C2C Expansion"

[Asia Economy Reporter Yuri Choi] Naver has completed the acquisition of Poshmark, the No. 1 fashion secondhand trading platform in North America. The company plans to aggressively target the global consumer-to-consumer (C2C) market and develop it into a major revenue source.

On the 6th, Naver announced that it had finalized the acquisition of Poshmark. The acquisition price was $1.31 billion (approximately 1.67 trillion KRW). This includes Poshmark’s enterprise value of $1.2 billion (approximately 1.5 trillion KRW) plus the cash held by Poshmark.

Naver received approval for the merger filing (HSR filing) in the United States on November 18 of last year, based on U.S. local time. Subsequently, on December 27, approval was obtained at Poshmark’s shareholders’ meeting. This completed the acquisition process. As Naver incorporated Poshmark as a subsidiary, Poshmark withdrew its Nasdaq listing on the 5th.

Naver plans to focus on post-acquisition integration with Poshmark’s team and strengthen service competitiveness. Technologies currently being tested by Naver, such as Smart Lens and live commerce, will be applied to Poshmark to improve service quality.

The company will also intensify its efforts to capture the global C2C market. The C2C market is a next-generation commerce battleground where users continuously produce and trade diverse and rare products. It is expected to drive growth in the online fashion retail market in the future.

From the early stages, Naver has increased its understanding of the market and prepared for full-scale competition by launching services such as Korea’s Cream and Japan’s Vintage City. Following investments in European secondhand trading platforms like Wallapop and Vestiaire Collective, Naver has now completed the acquisition of Poshmark. This positions Naver as a global C2C player connecting Korea, Japan, Europe, and North America.

Choi Soo-yeon, CEO of Naver, emphasized, “We started building a global C2C portfolio from the early stages of the market with a long-term perspective, and with this acquisition of Poshmark, we have expanded our portfolio to the North American market. By entering full-scale global competition, we have laid the foundation for C2C to grow into a major revenue source.”

Manish Chandra, CEO of Poshmark, said, “As a member of Team Naver, Poshmark will strive to present the next chapter of the C2C service model by combining Naver’s technology and business capabilities with Poshmark’s expertise to develop and integrate innovative C2C-specialized technologies.”

This content was produced with the assistance of AI translation services.