Asian Stocks Slide as Oil Surge, U.S.-Iran Tensions and Fed Rate Bets Weigh on Markets 
EU Weighs New Trade Restrictions on Israeli West Bank Settlements 
BOJ May Raise Japan Growth Forecast While Keeping Focus on Inflation Risks 
Australia Consumer Sentiment Rises in July as Fuel Price Relief Lifts Confidence 
OpenAI Executive Fidji Simo to Step Down Amid Health Challenges Ahead of IPO 
Oil Prices Surge as U.S.-Iran Conflict Escalates and Strait of Hormuz Risks Grow 
Goldman Sees Foreign Investors Driving India Stock Market Recovery 
South Korea Central Bank Set to Raise Interest Rates as Inflation Stays Elevated 
Australia Flags Child Safety Gaps at Apple, Meta, Google Over Online Sexual Extortion 
DeepSeek Eyes China IPO as AI Startup Seeks $71 Billion Valuation in New Funding Round 
Gold Price Holds Near Record High as Cooling U.S. Inflation Offsets Fed Caution 
Yaskawa Electric Shares Slide as Weak Profit Overshadows Strong AI Demand 
Kitron Q2 Revenue Beats Estimates as Defense Demand Lifts Growth 
Dollar Eases as Middle East Conflict, Fed Outlook and Japan Pension Policy Drive FX Markets 
Taiwan Mangoes Head to Europe as Premium Fruit Exports Expand 
Elon Musk Says Anthropic Leads AI Race as Claude Models Challenge OpenAI 
Gold Prices Fall as US-Iran Conflict, Rising Oil Prices Fuel Fed Rate Concerns 
Naver is buying Poshmark online fashion marketplace, and the companies announced their acquisition deal on Tuesday, Oct. 4. The South Korean internet portal and tech giant confirmed its takeover of the American e-commerce firm.
Naver is investing KRW2.3 trillion or about $1.6 billion to acquire Poshmark, and it is taking this step in an attempt to expand its business portfolio to North America. This is part of its long-term strategy to establish a global portfolio that will link South Korea, Europe, and Japan with North America and subsequently boost the company's competitiveness in the global market for e-commerce.
Based on the buyout agreement, stockholders of Poshmark will receive $17.90 per share in cash. Moreover, Yonhap News Agency reported that in Naver's latest filing, it stated its intention to acquire a 100% stake in the e-commerce firm. This is equivalent to a total of 1.3 million shares valued at KRW2.3 trillion won.
The companies expect the acquisition deal to be completed by Apr. 4, 2023. Once done, Poshmark will become one of Naver's affiliates. Naver will integrate its technology, entertainment and content business, including webtoons, with Poshmark's e-commerce platform and draw up ways to broaden new business models.
"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 chief executive officer, Choi Soo Yeon, said in a press release. "Naver's leading technology in search, AI recommendation and e-commerce tools will help power the next phase of Poshmark's global growth."
She added, "Bringing Naver and Poshmark together will immediately put us at the forefront of creating a new, socially responsible, and sustainable shopping experience designed around sellers of all sizes and interests."
Finally, Poshmark's founder and CEO, Manish Chandra, described the deal with Naver as a "testament to the strength of our brand, operating model" that they have built over the last decade with the help of their skilled team and community.
Naver and Poshmark's deal will lead to the creation of a new player in the online fashion e-commerce scene, but the companies will offer more as they fuse their respective tech and e-commerce capabilities.
