Naver Corp. (KRX: 035420), a Seongnam, South Corea-based provider of an e-commerce platform, acquired Poshmark, Inc. (NASDAQ: POSH), a Redwood City, CA-based provider of a social e-commerce marketplace.
Naver will acquire all of the issued and outstanding shares of Poshmark for $17.90 in cash, representing an enterprise value of approximately $1.2 billion.
With the acquisition, Naver will expand and diversify its e-commerce platform, strengthen its community with a global social network of younger users, and capitaliz on the global online fashion re-commerce and sustainable economy opportunity. The transaction will create a global player in online fashion re-commerce by combining Poshmark’s discovery-based social shopping platform and community with Naver’s technological prowess in upleveling the e-commerce experience.
Led by CEO Manish Chandra, Poshmark is a social marketplace for new and second hand style for women, men, kids, pets, home and more. By combining the human connection of physical shopping with the scale, and selection benefits of e-commerce, the company aims to make buying and selling social, and sustainable. Its community has more than 80 million registered users across the U.S., Canada, Australia.
Led by CEO Choi Soo-Yeon, Naver operates a search engine and e-commerce platform, and is a provider of fintech services, digital content and cloud services to a global community. The company cultivates a culture of ‘Founder-type leaders’ who continue to launch innovative mobile applications, including LINE, Zepeto and Webtoons.
Upon completion of the transaction, Poshmark will become a standalone U.S. subsidiary of Naver and will continue to be led by CEO Manish Chandra and Poshmark’s current management team.
Poshmark will continue to operate under its existing brand, as well as maintain its employee base, Poshmark community, and headquarters in Redwood City, California.
FinSMEs
04/10/2022