To create a global re-commerce platform, Naver has announced the completion of acquiring online fashion resale company Poshmark.
The acquisition is done with the hope of tapping into untouched markets and catering to a larger audience. Poshmark’s community and Naver’s technology combined can bring in long-term fruitful results.
The companies are expecting increased conversion rates, more user engagements and the creation of successful re-commerce verticals.
“We’re thrilled to close the transaction and welcome Poshmark to the Naver family, creating the strongest platform for powering communities and re-fashioning commerce. I’m confident Naver’s leading technology in search, AI recommendation and e-commerce tools will enhance the user experience for the Poshmark community and create additional value for all our stakeholders. Naver and Poshmark will immediately be well-positioned to compete globally in the future and benefit from C2C as a major revenue source,” said the CEO of Naver Sooyeon Choi.
While Manish Chandra, CEO and Founder of Poshmark, speaks, “We are thrilled to join forces with Naver and continue evolving the future of shopping in an engaging and sustainable way. As a part of Naver, we’ll benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform and enhance our user experience. I’m proud of what our team has built . I look forward to seeing Poshmark employees benefit from being part of a larger, global organisation that shares our values and vision around content, community and empowerment.”
