Poshmark Acquired by Korean Firm Naver

Naver has completed its previously announced acquisition of Poshmark and aims to grow it globally.

The Korean internet company said in a Thursday (Jan. 5) press release that its purchase of the social shopping platform will create a global online fashion reCommerce player and accelerate its efforts to build a global eCommerce portfolio and reach markets that were previously untapped.

“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,” Naver CEO Sooyeon Choi said in the release. “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.”

Read the source article at pymnts.com