Naver (KRX: 035420), a South Korean technology company, has announced the acquisition of Poshmark, a leading community commerce platform for fashion based in California.
On October 12, Naver held a press conference at Poshmark’s headquarters in Redwood City, California, USA, and provided information about Poshmark’s beginnings and present, as well as its plans after becoming a member of ‘Team Naver.”
Poshmark CEO Manish Chandra spoke about the company’s background and growth, explaining that the platform was launched as a ‘community commerce’ platform that combines commerce and community, allowing users to connect based on their wardrobe to generate revenue and communicate with each other.
He highlighted the platform’s core values of putting people first, fostering innovation, and cultivating strong communities and relationships.
Chandra also pointed out that Poshmark has a lot in common with Naver and that the two companies look forward to working together to improve their service by incorporating Naver’s technology.
Poshmark has become the most comprehensive C2C platform for fashion in North America, currently selected by 80 million users worldwide.
In addition, 90% of Millennial women in the US are members of the Poshmark community.
Steven Young, CMO of Poshmark, spoke about the different types of sellers on the platform and how they contribute to Poshmark’s growth potential.
These include ‘Side Hustlers’ who generate profits through Poshmark activities as a side job in addition to their primary job, and the ‘Entrepreneur Group’ who start a new business with Poshmark activities as their main job.
Poshmark has continuously focused on developing its technology since its inception.
The company plans to further expand its service by applying Naver’s live-streaming commerce technology to its new Posh Show feature. The company also unveiled a test version of Posh Lens, incorporating Naver’s smart lens technology.
The acquisition of Poshmark allows Naver to expand its presence in the U.S. market and provides access to Poshmark’s robust community-focused commerce platform.
Poshmark will continue to operate under its brand but with Naver’s added support and resources.