Korea’s internet firm Naver acquires Poshmark

They plan to establish a global player in the online fashion re-commerce market.

Korea’s largest internet firm Naver has completed the acquisition of Poshmark, with the parties aiming to create a global player in the online fashion re-commerce market.

In a statement, Naver said they will leverage Poshmark’s unique discovery-based social shopping platform with its technological capabilities in improving the e-commerce experience to reach the target.

Poshmark will also accelerate Naver’s goal to build an e-commerce community globally and capture untapped markets.

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“Together, the companies expect to increase purchase conversion rates, deepen user engagement, create an industry leader in livestreaming commerce, and enhance the unique relationship- and discovery-based experiences that are driving fast-growing re-commerce verticals,” Naver said.

Following the acquisition, Poshmark’s common stock stopped trading and has been delisted from NASDAQ. It will still operate its existing brand and retain its employee base and headquarters in Redwood City, California.