[Featured Stock] Naver Plummets Over 4% on News of Acquiring North American Used Goods Platform

[Asia Economy Reporter Ji Yeon-jin] Naver (NAVER) is experiencing a drop of over 4% following news on the 4th that it acquired a North American secondhand fashion platform.

As of 10:38 AM on the same day, Naver (NAVER) was trading on the KOSPI market at 184,000 KRW, down 4.65% (9,000 KRW) from the previous day. Naver started the day down 0.78% and has been experiencing a steep decline shortly after the market opened.

Earlier, Naver announced that it acquired 100% of the shares of Poshmark, a U.S. online secondhand fashion platform, through its wholly owned subsidiary in the United States. The acquisition amount is approximately 2.3441 trillion KRW. The company stated that the purpose of the acquisition is "to secure management rights of the issuing company for entry into the U.S. commerce market."