Loading...
{"id":21060,"date":"2022-10-05T14:43:49","date_gmt":"2022-10-05T09:13:49","guid":{"rendered":"https:\/\/thecorporatemagazine.com\/?p=21060"},"modified":"2022-10-17T12:37:03","modified_gmt":"2022-10-17T07:07:03","slug":"south-koreas-naver-purchases-u-s-e-commerce-area-poshmark","status":"publish","type":"post","link":"https:\/\/thecorporatemagazine.com\/south-koreas-naver-purchases-u-s-e-commerce-area-poshmark\/","title":{"rendered":"South Korea’s Naver purchases U.S. e-commerce area Poshmark"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t

South Korea's Naver purchases U.S. e-commerce area Poshmark for $1.2 billion<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\"South\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

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.<\/p>

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.<\/p>

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.<\/p>

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.<\/p>

Since then, the stock has declined sharply, tumbling alongside the rest of the tech industry.<\/p>

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.<\/p>

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.<\/p>

The companies will host a conference call to discuss the deal at 9 p.m. ET on Monday.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t
<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t<\/i>Prev<\/span><\/span>Previous<\/span>Inflation in Turkey reaches 83% after Erdogan cut interest rates<\/span><\/span><\/a>\t\t\t<\/div>\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\tNext<\/span>Indonesia has served the Asia-Pacific market so far this year<\/span><\/span><\/i>Next<\/span><\/span><\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t

Editor's Choice<\/h4>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\n\t\t\t
\"\"<\/div>\n\t\t<\/a>\n\t\t\t\t
\n\t\t\t\t

\n\t\t\t\n\t\t\t\tCorporate Philanthropy: How Leaders Drive Social Responsibility Initiatives\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t