{"id":1670895,"date":"2022-10-03T21:52:30","date_gmt":"2022-10-04T01:52:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1670895"},"modified":"2022-10-03T21:53:06","modified_gmt":"2022-10-04T01:53:06","slug":"s-koreas-naver-to-acquire-u-s-fashion-social-commerce-poshmark-for-1-6-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/s-koreas-naver-to-acquire-u-s-fashion-social-commerce-poshmark-for-1-6-billion\/","title":{"rendered":"S.Korea\u2019s Naver to acquire U.S. fashion social commerce Poshmark for $1.6 billion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fs-koreas-naver-to-acquire-u-s-fashion-social-commerce-poshmark-for-1-6-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1670895&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Joyce Lee<\/p>\n<p>SEOUL (Reuters) -South Korean tech firm Naver Corp said on Tuesday it agreed to a $1.6 billion deal to buy Poshmark Inc, a U.S. apparel resale platform firm, as a strategic investment to enter the U.S. e-commerce market. <\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Naver will acquire all of the issued and outstanding shares of Poshmark for $17.90 in cash. The deal is expected to close in the first quarter of next year. <\/p>\n<p>The $1.6 billion includes consideration for Poshmark\u2019s cash holdings, and the enterprise value of Poshmark is about $1.2 billion, a Naver spokesperson said. <\/p>\n<p>Poshmark is the largest fashion consumer-to-consumer platform in North America, with 80 million registered users led by Millenial and Gen Z active users, Naver and Poshmark said in a conference call about the deal. <\/p>\n<p>The deal will combine Poshmark\u2019s shopping platform with Naver\u2019s technology including image recognition, artificial intelligence and live streaming, a key driver of e-commerce in South Korea, the companies said in a statement. <\/p>\n<p>The companies plan to target an $80 billion market in online fashion \u201cre-commerce\u201d in the U.S., which is expected to grow by 20% annually to $130 billion by 2025, according to Activate Consulting. <\/p>\n<p>Poshmark shares jumped 14% to $17.8 in after-hours trading on Monday. However, shares in Naver fell 5.2% as of 0120 GMT, versus a rise of 2.3% in the wider market. <\/p>\n<p>Naver acquired North American online literature platform Wattpad for about $600 million last year.<\/p>\n<p> (Reporting by Joyce Lee; Editing by Christian Schmollinger and Christopher Cushing)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/s-koreas-naver-to-acquire\/attachment\/a-screen-displays-the-company-logo-for-poshmark-inc-during\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9210A-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9210A-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Joyce Lee SEOUL (Reuters) -South Korean tech firm Naver Corp said on Tuesday it agreed to a $1.6 billion deal to buy Poshmark Inc, a U.S. apparel resale platform<\/p>\n","protected":false},"author":66,"featured_media":1889474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1670895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/s-koreas-naver-to-acquire\/?utm_source=rss&utm_medium=rss&utm_campaign=s-koreas-naver-to-acquire","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1670895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1670895"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1670895\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889474"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1670895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1670895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1670895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}