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Korean company to acquire secondhand marketplace Poshmark
Photo: Poshmark

Korean company to acquire secondhand marketplace Poshmark


Poshmark acquired in $1.2-billion deal

Ads and recommendations are on the way for users of secondhand fashion and decor marketplace Poshmark.

The company announced Oct. 3 it will be acquired by Korea’s largest internet company, Naver Corp. Poshmark will retain its existing brand and employee base.

The $1.2-billion deal is expected to close in Q1 2023.

Naver is well-known in Korea as the country’s largest online community, with 36 million monthly users using its search platforms, community services and metaverse platform Zepeto.

Poshmark, headquartered in California, draws 80 million users from Canada, the United States, India and Australia.

Using Naver’s AI analytics tools, Poshmark plans to debut ads and recommendations on the platform, and incorporate new payment solutions from Naver Pay’s online payment processing.

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Naver’s smart lens image recognition and search technologies will be baked into Poshmark’s platform, with new options added for filtering by material, and for scanning objects with user cameras to display further identification details.

Together, the companies will add a live-streaming commerce component, which they say will strengthen consumer engagement on the platform.

“Our industry continues to evolve at a rapid pace,” says Manish Chandra, founder and chief executive officer of Poshmark, in a statement.

“As part of Naver, we will benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform, elevate our product and user experiences, and enter new and large markets.”

Chandra will continue to lead Poshmark after the acquisition, which will turn the company into a U.S. subsidiary of Naver.

The consumer-to-consumer market for secondhand fashion, which has generated $2 billion in gross merchandise value for Poshmark, is a new addition for Naver.

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