Unpacked: What to know about Poshmark’s new owner, South Korean search giant Naver – Modern Retail

Naver, occasionally referred to as the Google of South Korea, announced its largest acquisition this week as it seeks to gain traction in the U.S. The search engine giant agreed to buy Poshmark, a secondhand marketplace based in the United States, for $1.2 billion.

The deal comes at a time when the market for used goods continues to grow, and Naver wants to compete with the likes of eBay and ThredUp while establishing a foothold in American retail. According to data from research firm Gartner, 37% of retailers surveyed currently offer resale programs or are thinking about launching them in the next two years.

“Recommerce or recycling of goods is something that’s a growing trend within the US e-commerce space,” said Kassi Socha, director analyst at Gartner.

Founded in June 1999, Naver is an internet service provider that started out as a search engine before branching out into email, messaging, payments, news aggregation and online shopping. It owns some of South Korea’s most widely…

Read Full Story: https://www.modernretail.co/technology/unpacked-what-to-know-about-poshmarks-new-owner-south-korean-search-giant-naver/

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source: https://news.oneseocompany.com/2022/10/06/unpacked-what-to-know-about-poshmarks-new-owner-south-korean-search-giant-naver-modern-retail_2022100632474.html

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