 |
The Naver headquarters building. (Photo = Naver) |
[Alpha Biz= Kim Jisun] Naver announced on August 5 that it has acquired Spain’s largest consumer-to-consumer (C2C) platform, Wallapop. The acquisition, valued at €377 million (approximately KRW 604.5 billion), gives Naver an additional 70.5% stake in the company, bringing its total ownership to 100%. Naver previously held around 30% of Wallapop’s shares.
Wallapop boasts over 19 million monthly active users (MAU) and offers a wide range of peer-to-peer transactions across categories including daily household items, electronics, and automobiles. With growing interest in sustainability and the circular economy across Europe, C2C services have seen steady growth in usage.
Since its founding, Wallapop has established itself as Spain’s leading C2C platform, gaining traction through its user-friendly interface and consistent growth. It has since expanded its presence to other Southern European markets, including Italy and Portugal.
Recognizing the potential of Wallapop early on, Naver invested €115 million in 2021 and an additional €75 million in 2023, acquiring a 29.5% stake and exploring various collaborations, particularly in technology application.
To further strengthen their partnership and create greater synergy, both companies agreed that a more integrated approach was necessary. As a result, Naver has now secured full ownership of Wallapop and will operate it as a subsidiary.
Since 2016, Naver has pursued its European business strategy through indirect investments, including contributions to funds managed by Korelya Capital, an investment firm founded by former French Minister of Digital Economy Fleur Pellerin. With this acquisition, Naver plans to apply its core technologies—such as search, advertising, payment systems, and AI—to Wallapop, aiming to accelerate its full-fledged expansion into the European market.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
