South Korean search giant Naver announces $1.6 billion acquisition of second-hand fashion platform Poshmark
CTOnews.com, Oct. 4 (Reuters)-South Korean search Internet technology company Naver Corp said on Tuesday that it agreed to buy US second-hand fashion platform Poshmark Inc for $1.6 billion as a strategic investment to enter the US e-commerce market.
The $1.6 billion includes consideration for cash held by Poshmark, while the enterprise value of Poshmark is about $1.2 billion, a Naver spokesman said.
CTOnews.com learned that the deal will combine Poshmark's shopping platform with Naver's technology, including image recognition and live streaming, as the main driver of e-commerce in South Korea to target the $80 billion online trendy second-hand commerce market in the United States.
