Yulchon Advised Naver on its Acquisition of Poshmark, a US-based Fashion E-commerce Company
2023.01.30.
Naver Corp., Korea’s largest internet and technology company, completed the acquisition of Poshmark, Inc., a leading social e-commerce market place for new and secondhand style, in January 2023.
Naver, renowned for its position as the operator of Korea’s top search engine and online portal “Naver,” is a leading internet and technology entity in Korea. Poshmark, on the other hand, stands as the largest consumer-to-consumer (C2C) platform in North America, operating an e-commerce marketplace facilitating the buying and selling of new and secondhand apparel and various other products. This acquisition valued Poshmark at approximately $1.6 billion, marking one of the largest transactions executed by the Korean tech giant.
This acquisition is expected to expand and diversify Naver’s leading e-commerce business and create a global re-commerce community of choice by combining Naver’s innovative technology and Poshmark’s brand and social network.
Yulchon provided comprehensive advisory support to Naver throughout the transaction, including assistance with regulatory filings in Korea. Kirkland & Ellis acted as Naver’s US counsel.
According to Ms. Soo-Yeon CHOI, CEO of Naver, “the combination will create the strongest platform for powering communities and re-fashioning commerce. Poshmark is the definitive brand for fashion in the United States that provides a social network for buying and selling apparel. Naver’s leading technology in search, AI recommendation, and e-commerce tools will help power the next phase of Poshmark’s global growth.”
