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SEONGNAM-SI – South Korean e-commerce conglomerate Naver Corp has acquired secondhand fashion marketplace Poshmark for an estimated US$1.2 billion.

Naver, which has more than 36 million monthly users across its search portal and various online community services, is keen to capitalise on Poshmark’s swift growth across the western world and hopes to deepen user engagement across Asia.

Manish Chandra, Poshmark’s CEO, commented: “The opportunity to join forces with Naver – one of the world’s leading and most innovative and successful internet companies – is a testament to the strength of our brand. Our industry continues to evolve at a rapid pace, and we are excited to continue to lead the future of shopping by providing our community with an unparalleled experience that is simple, social, fun and sustainable.”

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