Securing an Additional 70.5% Stake in Wallapop for Approximately 600 Billion Won
Naver has secured management control of Wallapop, the largest secondhand trading platform in Spain. Naver's strategy is to acquire Wallapop, which boasts a large user base in Europe, and use it as a bridgehead for its entry into the European market.
On August 5, Naver announced its decision to acquire Wallapop, Spain's largest consumer-to-consumer (C2C) company. Naver will invest 377 million euros (approximately 604.5 billion won) to acquire an additional 70.5% stake in Wallapop.
Previously, Naver had acquired approximately 29.5% of Wallapop's shares in two rounds: 115 million euros (about 155 billion won) in 2021 and 75 million euros (about 100 billion won) in 2023. With the 2023 share acquisition, Naver became Wallapop's largest shareholder and has since been seeking collaboration, including technology integration.
Wallapop is the largest C2C company in Spain, with more than 19 million monthly active users (MAU). The platform supports peer-to-peer transactions in all areas, including everyday goods, electronics, and automobiles. Since its founding, Wallapop has shown steady growth with its user-friendly services, and it has expanded beyond Spain into Southern European markets such as Italy and Portugal.
A Naver representative explained, "We determined that a stronger connection was necessary to enable more active collaboration and synergy," adding, "We have agreed to strengthen our partnership by Naver securing management control of Wallapop."
With this acquisition, Naver plans to apply its technology and business expertise?including search, advertising, payments, and artificial intelligence (AI)?to Wallapop, and to actively expand its business in the European market. In particular, C2C, which is Wallapop's main business area, is a commerce platform closely connected to users' daily lives. This is expected to play a key role in the AI ecosystem, where data diversity is crucial. A Naver representative stated, "We will combine data and users in the C2C sector with AI technology to create new user experiences."
Since 2016, Naver has been developing its European business through indirect investments, such as contributing to funds managed by Korelya Capital, an investment firm founded by Fleur Pellerin, former French Minister of Digital Economy.
Through this acquisition, Naver plans to expand its global C2C business?which currently centers on North America, Korea, and Japan with platforms such as Poshmark, KREAM, and SODA?to Europe as well.
Naver CEO Choi Soo-yeon said, "Over the past decade, Naver has been investing in the European market and continuously searching for the right partner for a full-fledged partnership. By integrating Naver's technology and business expertise with Wallapop, we will add new usability and further accelerate Wallapop's growth."
Choi added, "By acquiring Wallapop, a C2C company with a diverse product lineup and rich stories, we will not only deepen our understanding of Spanish and European user needs, but also further strengthen Naver's competitiveness in the AI ecosystem, where data diversity is a key competitive edge."
Rob Cassedy, CEO of Wallapop, stated, "Since Naver's initial investment, we have discussed various ways to create synergy and have seen firsthand the strength of Naver's technology and service expertise. We believe Naver is the optimal partner for Wallapop's growth. Through this acquisition, the even stronger connection between our companies will allow us to combine Naver's technology and business know-how, including search, advertising, payments, and AI, with Wallapop, securing differentiated service competitiveness and further strengthening our position in the European market."
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