© Archyde.com. U.S. stock changes | Poshmark (POSH.US) acquired the entire resale sector
Zhitong Finance APP learned that the South Korean search giant and the famous social software LINE parent company Naver acquired Poshmark (POSH.US) for $1.2 billion, which shocked the clothing resale market. At press time, Poshmark was up 13.29% at $17.64 in premarket trading on Tuesday. The acquisition spurred gains across the resale sector, with shares of ThredUP (TDUP.US) up 5.06% in premarket trading, Rent the Runway (RENT.US) up 5.02% and RealReal (REAL.US) up 5.56%, Stitch Fix (SFIX.US) rose 3.58%. Meanwhile, other e-commerce stocks were also higher, including Wayfair (W.US) up 4.02% and Revolve Group (RVLV.US) up 2.98%.
Naver said the acquisition will expand and diversify its e-commerce platform, strengthen its community through a social network of young users around the world, and enable it to capitalize on global online fashion re-commerce and sustainable economic opportunities.