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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A definite ‘NO’ to the question if struggling families had child care asked by a group of committed volunteers in the San Fernando Valley in 1974, urged the volunteers to look for a way to support families struggling to find quality child care, development, and education services for their families. That year, the San Fernando Valley Child Care Consortium and the Mayor’s Child Care and Junior Task Force proposed the first child care resource center in the San Fernando Valley. Doris McLain was elected chairperson as Mayor Bradley accepted the proposal and gave the newly founded Child Care Resource Center (CCRC) space in Van Nuys City Hall Center. CCRC began 45 years to help working moms find child care.
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