Why Skills-First Leadership Is Replacing the Ivy League Playbook in the C-Suite
05/23/2025
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The old prestige pyramid—where Ivy League degrees and blue-chip consulting backgrounds paved the way to the CEO seat—is cracking.
October 5, 2022: -On Monday, the parties reported that South Korean internet giant Naver is acquiring U.S. e-retailer Poshmark for roughly $1.2 billion. Poshmark shares popped very 14% in extended trading.
Naver is paying $17.90 per share in the all-cash deal. Shares of the South Korean internet colossus slid over 7% in Asia’s trading session, while Poshmark closed at $15.57.
Naver operates a tracking motor, e-commerce platform, and other services in South Korea. The companies said the deal would deepen Naver’s reach in online retail while letting Poshmark enter international markets.
Poshmark is a popular online retail site that lets people shop from other users’ closets. The company shifted public in January 2021 at $42 a share, hitting the market when online shopping was surging due to the Covid-19 pandemic and investors were flocking to tech stocks.
Since then, the stock has declined sharply, tumbling alongside the rest of the tech industry.
Naver and Poshmark said they anticipate the deal to generate “significant revenue and cost synergies,” including re-acceleration of annual revenue growth beyond 20% in the near term, as ads improve monetization, investments expand overseas, and live commerce gets greater adoption.
Etsy acquired fashion resale app Depop for $1.62 billion last year. The deal adds to the recent consolidation in the secondhand clothes market. Depop competes with Poshmark and other resale services like ThredUp.
The companies will host a conference call to discuss the deal at 9 p.m. ET on Monday.
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The Fort McMurray First Nation Group of Companies is the wholly owned business entity of Fort McMurray 468 First Nation. It was established in 1987 as Christina River Enterprises, and the organization rebranded as FMFN Group in 2021. Providing Construction, Custodial, Petro-Canada Fuel & Convenience Store, and Transportation services to a broad portfolio of customers, the Group of Companies is creating financial stability and prosperity for the Nation.
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