South Korean tech firm Naver Corp said on Tuesday it has agreed to a $1.6 billion deal to buy Poshmark Inc, an American second-hand fashion platform, as a strategic investment to enter the market. American e-commerce.
The $1.6 billion includes consideration for Poshmark’s cash holdings, and Poshmark’s enterprise value is approximately $1.2 billion, a Naver spokesperson said.
The deal will combine Poshmark’s shopping platform with technology from Naver, including image recognition and live streaming, a key driver of e-commerce in South Korea, to target an 80 billion market. in second-hand fashion online in the United States, the companies said in a statement. (Reporting by Joyce Lee; Editing by Leslie Adler and Christian Schmollinger)