SEOUL– South Korean internet portal giant Naver Corp. said Friday it has completed the acquisition of Poshmark, a U.S. social commerce marketplace for fashion.
Naver took over 100 percent of the U.S. firm for US$1.2 billion, and Poshmark became one of Naver’s affiliates, the company said in a release.
With the completion of the transaction, Poshmark has been delisted from the U.S. Nasdaq Composite, Naver added.
Founded in 2011, the California-based Poshmark is one of the biggest online shopping platforms stateside, where users can buy and sell new and secondhand clothing, and other home goods. It has over 80 million users.
Naver decided to purchase Poshmark in October as part of its long-term strategy to build a global portfolio linking South Korea, Japan and Europe with North America, and increase its competitiveness in the global e-commerce market.
The Korean company said it will strive to integrate its e-commerce experiences to strengthen Poshmark’s service competitiveness in North America.
Naver, South Korea’s No. 1 internet portal operator, has increased investment in online fashion marketplaces at home and abroad, including Kream in South Korea, Vintage City in Japan and Vestiaire Collective in Europe.
Source: Yonhap News Agency