On January 5, 2023, South Korea’s largest internet company Naver completed the $1.2 billion acquisition of Poshmark which was earlier announced in October 2022.
Upon the closing of the acquisition deal, Naver and Poshmark now joined forces and are aiming to take the US-based social commerce platform globally.
This acquisition deal will bring together Poshmark’s unique social shopping platform, driven by discovery, and its highly engaged community, with Naver’s exceptional technological capabilities aimed at enhancing the e-commerce landscape.
As a definitive fashion e-commerce platform in the United States, Poshmark will greatly accelerate Naver’s strategic goal of creating a global e-commerce community portfolio. Moreover, help position it to tap into growth opportunities within vast, untapped markets across the globe.
Meanwhile, Poshmark stands to gain from Naver’s forefront technology, extensive Asian expertise, and successful track record of supporting e-commerce platforms on a global scale.
According to Poshmark CEO, Naver acquisition of Poshmark will give a fresh growth momentum to both the stakeholders and will help them grow into becoming a global player.
“I’m really excited about our integration with Naver, which I believe really creates a lot of potential moving forward” said Manish Chandra who is the founder and CEO of Poshmark.
He further said that the acquisition will provide Poshmark with new features based on Naver’s technology and experience, such as Naver’s Smart Lens, livestream shopping tools, and deep learning-based image search service.
Even the Naver CEO Choi Soo-Yeon is quite confident about Poshmark’s future after the acquisition deal. Shee said:
“I’m confident Naver’s leading technology in search, artificial intelligence (AI) recommendation, and eCommerce tools will enhance the user experience for the Poshmark community and create additional value for all our stakeholders.”
She further added:
“Naver and Poshmark will immediately be well-positioned to compete globally in the future and benefit from consumer-to-consumer (C2C) as a major revenue source.”
How Naver Acquisition of Poshmark Could Impact Sellers?
The Naver acquisition of Poshmark has the potential to reshape the landscape for sellers on the platform.
While immediate changes to the leadership team are unlikely, the partnership could lead to exciting opportunities for international expansion, improved purchase conversion rates, deeper user engagement, and innovative live streaming experiences.
Sellers on Poshmark should stay tuned for updates and developments as Poshmark and Naver are working together to create a dynamic and thriving e-commerce ecosystem that benefits both sellers and buyers alike.
As Poshmark continues its journey under Naver’s wing, the possibilities are limitless, and the future looks bright for sellers seeking to thrive in the world of online reselling.
We have already seen Poshmark expanding to the UK market a couple of months back, and it seems like we will continue to see Poshmark’s expansion to more new markets in the coming months.
So Naver acquisition of Poshmark is a positive prospect overall for sellers!