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Big Law

Fashion Marketplace Poshmark Acquired by South Korean Tech Company in $1.2B Deal

South Korea’s largest internet company Naver Corp. has acquired online fashion resale marketplace Poshmark Inc. (Nasdaq: POSH) for $1.2 billion.

The transaction, which was unanimously approved by both Naver’s and Poshmark’s boards of directors, is expected to close by the first quarter of 2023, and will be funded with Naver’s cash balances and other existing financing sources.

“The combination will create the strongest platform for powering communities and re-fashioning commerce,” said Choi Soo-Yeon, chief executive officer of Naver. “Poshmark is the definitive brand for fashion in the United States that provides a social network for buying and selling apparel. Naver’s leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark’s global growth.”

Read the source article at bizjournals.com

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