Poshmark is officially under new ownership. South Korean internet giant Naver on Thursday closed its $1.2 billion acquisition of the resale marketplace, which was announced in October.
With the closing of the deal, Poshmark was delisted from the Nasdaq, according to a company press release. The platform will continue to operate under its existing brand and will still be headquartered in Redwood City, California. Poshmark will also maintain its employee base.
Poshmark CEO and founder Manish Chandra said he was “thrilled” to join Naver.
“As a part of Naver, we'll benefit from their financial resources, significant technology capabilities, and leading presence across Asia to expand our platform and enhance our user experience,” Chandra said in a statement.
Naver’s CEO, Sooyeon Choi, sees a number of ways that Naver can improve the Poshmark platform. Choi cited Naver’s search capabilities, e-commerce tools and artificial intelligence-based recommendations in particular as elements that will “enhance the user experience for the Poshmark community.”
The companies’ goals include increasing conversion rates, improving discovery and engagement, and creating “an industry leader in livestreaming commerce.”
Naver was founded in 1999 and says it operates South Korea’s top search engine and the country’s largest e-commerce platform. The company also offers fintech and cloud services.
