Naver completes acquisition of US e-commerce company Poshmark

Korean web portal big Naver introduced on Friday that it has accomplished its acquisition of Poshmark, the US social commerce market for vogue, within the firm’s world consumer-to-market transfer.

Naver’s particular goal firm, Proton Guardian, purchased all of Poshmark’s shares and belongings for $1.31 billion. The enterprise worth is roughly 1.2 billion {dollars}.

Naver mentioned that with the transaction, Poshmark withdrew its plan to go public on the US Nasdaq.

Naver first determined to amass Poshmark in October final yr, and the acquisition was accredited at Proton Guardian’s basic shareholders assembly on December 27.

With the acquisition, Naver can have its personal e-commerce community that bridges Japan, Europe and North America.

That is the newest merger and acquisition buying spree for the Korean on-line platform operator after it acquired Kream in South Korea, Classic Metropolis in Japan and Vestiaire Collective in Europe.

“With the acquisition of Poshmark, Naver will have the ability to increase its enterprise portfolio into the North American market and lay the groundwork for future development of the corporate’s C2C unit,” mentioned Choi Soo-yeon, Naver CEO.

“As a part of Naver, we’ll leverage its monetary assets, key know-how capabilities and main presence in Asia to increase our platform and enhance our person expertise,” mentioned Manish Chandra, Poshmark CEO.

Based in 2011, California-based Poshmark is likely one of the world’s largest on-line buying platforms, with greater than 80 million customers, capable of purchase and promote new and used clothes in addition to different home items.

by Shim Woo-hyun (ws@heraldcorp.com)