Resale market-focused Poshmark is sold for $1.2B to S. Korean firm – WRAL TechWire

South Korean internet giant Naver is acquiring leading online resale platform Poshmark for $1.2 billion, the companies announced Monday.

Under the terms of the deal, Naver is paying $17.90 a share in an all-cash deal.

Poshmark shares rose 14% in after-hours trading on the news.

Naver, which operates a search engine and ecommerce platform in South Korea, said the deal with Poshmark will help it expand into offering a “socially responsible and sustainable shopping experience designed around sellers of all sizes and interests — from individual and influencer sellers.”

For Poshmark, the deal expands its global reach by helping it enter new and large markets, Poshmark CEO Manish Chandra, said in a statement.

Upon completion of the deal, the companies said Poshmark will become a standalone US subsidiary of Naver. Chandra will remain as its CEO, the companies said.

The resale market, which was already gaining steam going into 2020 because of environmentally conscious Millennial and Gen Z…

Read Full Story: https://wraltechwire.com/2022/10/04/resale-market-focused-poshmark-is-sold-for-1-2b-to-s-korean-firm/

The post Resale market-focused Poshmark is sold for $1.2B to S. Korean firm – WRAL TechWire first appeared on SEO, Marketing and Social News | OneSEOCompany.com.

source: https://news.oneseocompany.com/2022/10/04/resale-market-focused-poshmark-is-sold-for-12b-to-s-korean-firm-wral-techwire_2022100432129.html

Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.