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Naver Corp. has become the largest shareholder in Wallapop, the leading second-hand marketplace in Spain, after completing its buyout deal with a new investment of $80.7 million or about €75 million.
According to Pulse News, Naver Corp. invested in Wallapop and has secured a 30.5% stake ownership. The deal has already been completed, and this has solidified the South Korean internet company’s global grip in the growing customer-to-customer industry.
The company’s investment follows its earlier acquisition deal with the American second-hand marketplace, Poshmark, where it shelled out $1.3 billion for the buyout. With Poshmark and Wallapop’s addition to Naver’s portfolio, it is now able to establish a strong global C2C business that connects various markets, including South Korea, Japan, North America, and Europe.
Currently, Wallapop is considered one of the biggest reselling platforms in Europe. It has a 63% market share and boasts of more than 15 million users. More than half of the users who resell their items belong to the teens and 20s demographic. In Spain alone, Wallapop remained the dominant second-hand platform with a 70% market share.
“We agree with Wallapop’s philosophy of conscious consumption and are enthusiastic to develop international synergies while supporting their growth with our technology," The Korea Herald quoted Han Seong Sook, Naver’s head of e-commerce business in Europe, as saying in a previous statement "The global demand for C2C and resell platforms is growing with renewed commitment in sustainable consumption, especially by millennials and Generation Z.”
At any rate, Korea Joongang Daily reported that Wallapop recently wrapped up a funding round that Naver Corp. participated in through the venture fund called Korelya Capital. This was first reported by the local media outlet La Información, but Naver neither confirmed nor denied the report.
