Poshmark Sold

[val2525]

www.cnn.com/2022/10/03/business/poshmark-naver?utm_source=business_ribbon


South Korean internet giant Naver is acquiring leading online resale platform Poshmark for $1.2 billion, the companies announced Monday.

Under the terms of the deal, Naver is paying $17.90 a share in an all-cash deal.

Poshmark shares rose 14% in after-hours trading on the news.

Naver, which operates a search engine and ecommerce platform in South Korea, said the deal with Poshmark will help it expand into offering a “socially responsible and sustainable shopping experience designed around sellers of all sizes and interests – from individual and influencer sellers.”

For Poshmark, the deal expands its global reach by helping it enter new and large markets, Poshmark CEO Manish Chandra, said in a statement.

[chapeaunoir]

They're taking it back to private - to me that's good news. 

[RetroMonde]

I just saw the message. That's what I thought too Chap- sorta the opposite of going public which ALWAYS bits the sellers in the butt.

[kritter]

Where are you getting that info? I can't find anything online that says Posh will revert to private. Navar, the purchasing company, is publicly traded (KRW). Most articles only say Posh will act as a stand alone subsidiary of Navar.

I couldn't find anything about it going Private either.  Saw the same info that Val posted.

[val2525]

I just found it. It's on a Posh blog post from management. What is interesting to me, though, is that NONE of the financial websites say it's going private after the sale.


blog.poshmark.com/

Once the transaction closes, Poshmark shareholders will realize significant and immediate value – Poshmark will no longer trade on the public markets, and for those of you who own Poshmark stock, you will receive $17.90 in cash per share. We will continue to operate independently, as a standalone subsidiary of Naver.

[chapeaunoir]

The email that the Posh sellers got stated that, too.

I have no idea if this will be good or not, but they have to do something about their piss poor performance. Some of the more knowledgeable people on the Posh subreddit think that Posh admin got in over their heads going public and this is a bail-out. I'm neutral on the subject right now.

[Dawn R]

I have no opinion other then sales on Posh are slow for me.

[denise15601]

Hopefully, they will now offer first-class shipping. Sales would improve immensely. Who wants to pay $7.67 priority shipping for a 3-ounce top?

[chapeaunoir]

They'll be operating under their own administration and independently. I doubt they'll get a first class shipping deal as they'd have to renegotiate everything with a new USPS contract with Endicia, but we'll see.