South Korean internet giant Naver purchases Spain's premier C2C platform, Wallapop.
Naver Expands Global Reach with Full Acquisition of European Marketplace Leader Wallapop
South Korean internet giant Naver has announced its strategic plan to bolster its global competitiveness by fully acquiring Wallapop, the leading consumer-to-consumer (C2C) marketplace in Europe. The move marks a significant step in Naver's global C2C expansion, adding Europe to its growing portfolio of platforms.
Naver initially invested in Wallapop in 2021, acquiring a 29.5% stake for €115 million. In 2023, the company followed up with another investment of €75 million, bringing its total ownership to 100%. The acquisition, expected to complete in late 2025 after regulatory approval, will cost Naver approximately €377 million (604.5 billion won).
Wallapop, with over 19 million monthly active users, has emerged as a formidable player in Spain's C2C landscape. The company's extensive product listings and rich storytelling potential are noted as significant assets. Naver plans to combine its technology, including search, advertising, payments, and artificial intelligence, with Wallapop's user-friendly service to elevate the platform's capabilities and value proposition.
The acquisition will serve as a strategic hub for Naver to deploy its technological expertise and e-commerce infrastructure across the continent. Wallapop will continue to operate from its Barcelona headquarters, retaining its staff and brand identity, emphasizing Naver’s strategy to support Wallapop’s established market position while scaling through technological synergy.
Naver's geographic expansion plans include building on Wallapop's presence across Southern Europe and potentially the broader European market. The company is already expanding into Italy and Portugal, and the acquisition will contribute to this growth. Wallapop facilitates peer-to-peer transactions across a wide range of categories, making it an ideal platform for Naver to tap into the diverse European consumer market.
This move aligns with Naver’s broader social commerce ambitions, reinforcing its presence not only in Asia and the U.S. but now in Europe. The company aims to become a global leader in peer-to-peer C2C marketplaces, leveraging Wallapop as a core European base for social commerce expansion. By combining Wallapop’s strong market position and user base with Naver’s technological innovation and global commerce experience, the company hopes to enhance competitiveness worldwide.
Technology will play a crucial role in Naver's efforts to elevate Wallapop's capabilities and value proposition, as the company plans to combine its search, advertising, payments, and artificial intelligence with Wallapop's user-friendly service. The acquisition serves as a strategic hub for Naver to deploy its technological expertise and e-commerce infrastructure across Europe.
