Naver Invests 155 Billion KRW in Spanish Secondhand Trading Company 'Wallapop'

[Asia Economy Reporter Bu Aeri] Naver announced on the 26th that it has invested in Spain's largest secondhand trading company, Wallapop.

According to Naver on the 26th, the investment amount is 115 million euros (approximately 155 billion KRW), marking the largest scale since Naver declared its global investment initiative.

Naver plans to not only invest in Wallapop but also discuss utilizing Naver's technology.

Wallapop is Spain's representative secondhand trading service, holding a 63% market share. Various items are traded, ranging from fashion, clothing, and electronic devices to cars, motorcycles, and real estate.

Combining Naver's artificial intelligence (AI) and various technologies and business know-how can also create synergy to develop new services.

Han Seong-sook, CEO of Naver, stated, "The resale market is steadily growing globally, centered on Generation Z, who value individuality, eco-friendliness, and cost-effectiveness together. This investment, like the previous acquisition of Wattpad and collaborations with Big Hit and YG Entertainment, aims to secure generations that will lead future trends and serve as a milestone for long-term global growth. We plan to review the long-term global potential with Wallapop."

Meanwhile, Naver is expanding investments in various companies with excellent technology and competitiveness in the European region. Notably, last year, it invested in 17 companies, including Europe's number one global luxury fashion platform Vestiaire Collective, audio technology specialist Devialet, recruiting platform JobTeaser, and mobility service Bolt, which operates in 40 countries across Europe and Africa.