Must Read: South Korean Internet Giant Buys Poshmark for $1.2 Billion, Goodwill Launches Resale Site Featuring Luxury Brands

These are the stories making headlines in fashion on Tuesday.

South Korean internet giant Naver acquires Poshmark for $1.2 billion

Naver, a South Korean internet giant often regarded as the “Google of South Korea,” has purchased the popular secondhand retailer for $1.2 billion. As the parent company of messaging app Line, Naver has previously expanded into Japan and other markets in the region, but has had its sights set beyond Asia for some time. Just last year, the company acquired its first North American business, Wattpad, for $600 million. The Poshmark deal will allow the platform to gain access to Naver’s entire network of users, making way for new technology and growth. {The New York Times}

See also  Rihanna Made You Some Cozy Savage X Fenty Sweats