Naver acquires Spain's top C2C platform Wallapop
Naver said it acquired an additional 70.5 percent stake in Wallapop for 377 million euros ($436 million), bringing its total ownership to 100 percent. The Korean tech firm initially invested 115 million euros in 2021 and followed up with another 75 million euros in 2023.
Wallapop boasts over 19 million monthly active users and facilitates peer-to-peer transactions across a wide range of categories, from everyday goods and electronics to used vehicles.
The company has steadily grown its presence in the Iberian Peninsula and is expanding into southern European markets, including Italy and Portugal.
The two companies have explored collaboration through technological integration, and Naver said it decided to acquire full ownership to unlock deeper synergy and accelerate growth.
'Wallapop has emerged as a formidable player in Spain's C2C landscape,' said Naver CEO Choi Soo-yeon.
'With the latest acquisition, we plan to combine Naver's technology, spanning search, advertising, payments and artificial intelligence, with Wallapop's user-friendly service to elevate the platform's capabilities and value proposition.'
Naver has been actively investing in Europe since 2016 through funds managed by Korelya Capital, a venture capital firm established by Fleur Pellerin, former French Minister for Digital Economy.
The company said it intends to use Wallapop as a strategic hub to deploy its technological expertise and e-commerce infrastructure across the continent. It will mark a significant step in Naver's global C2C expansion, adding Europe to its growing portfolio of platforms in North America, Korea and Japan, including Poshmark, Kream and Soda.
'With Wallapop's extensive product listings and rich storytelling potential, we aim to deepen our understanding of European consumer behavior and enhance the diversity of data in our AI ecosystem — ultimately strengthening Naver's global competitiveness,' Choi added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
11 hours ago
- Korea Herald
Too close to Seoul to stand out? Gyeonggi bets on independent travelers to revive tourism
Gyeonggi Province, which surrounds Seoul and is home to over 13 million people, is rolling out a new strategy in hopes of attracting more international tourists. Despite being one of South Korea's most accessible regions from the capital, trouble navigating often keeps foreign visitors away. In an attempt to address the situation, the province announced its '3.3.5.5 Strategy." Despite its size, access to the DMZ, and proximity to Incheon Airport, Gyeonggi Province's share of foreign visitors dropped from 14.9 percent in 2019 to around 10 percent in 2024, according to data from South Korea's Ministry of Culture, Sports and Tourism. Seoul's share has long held at around 80 percent. Meanwhile, the country's tourism landscape has changed. Over 80.5 percent of foreign tourists in 2024 were Free Independent Travelers — those who plan trips on their own rather than booking through a group tour. In 2019, FITs made up 77.1 percent. Gyeonggi now wants to target this growing segment. The strategy sets four measurable goals: Boost international visitor share from 10 to 30 percent. Increase average stays from 2.13 days to 3 days. Raise spending per tourist from 350,000 won to 500,000 won (about $215 to $360). Improve the repeat visitation rate from 34 to 50 percent. Why Gyeonggi gets overlooked The paradox is that Gyeonggi is geographically convenient, but functionally inaccessible. Booking regional buses and trains often requires Korean-language apps or domestic credit cards. Car rentals are available, but GPS systems and maps are primarily designed for local users. Google Maps still lacks turn-by-turn navigation in Korea. Korean apps like Naver Map and Kakao Map support English, Chinese and Japanese, but often fall short for tourists unfamiliar with Korean signage or cultural context. These barriers help explain why South Korea, despite ranking No. 14 overall in the World Economic Forum's 2023 Travel and Tourism Development Index, landed at No. 60 in tourism services and infrastructure. What the province plans to fix To address this, Gyeonggi Provinceworked with national tourism agencies, universities, and research institutes to develop a four-part action plan. It includes: Improved transportation: more shuttle buses, FIT-friendly day tours, a new tourist taxi system, and a dedicated Gyeonggi tourism center in Seoul. Better digital tools: smarter booking platforms and information services for foreign users. Expanded experiences: DMZ tours, regional food programs, and new outdoor and industrial tourism offerings. Targeted marketing: a global tourism brand and campaigns focused on younger travelers. Officials say implementation will begin in 2026, starting with high-impact projects. The province also plans to work with Seoul and Incheon to create a regional tourism network and is pushing the national government to ease lodging and transportation regulations. 'Our goal is to make Gyeonggi Province a place where international visitors can explore freely and comfortably,' said Jang Hyang-jeong, the province's tourism policy director. 'We want them to discover that Korea is more than just Seoul.'
Korea Herald
12 hours ago
- Korea Herald
Hyundai's US tariff headache, explained in 2 minutes
The new 15 percent tariff deal between South Korea and the US is forcing Hyundai Motor Group to fundamentally rethink its strategy in its second-largest market. With the loss of its zero-tariff edge under the South Korea-US free trade agreement, the Korean auto giant is now grappling with tough choices — from adjusting vehicle prices to relocating production of key models from Korea to the US. Tariff impacts New 15% US tariff on Korean car exports replaces previously threatened 25% duty. Hyundai Motor and Kia export 1.5 million vehicles to the US annually — about 25% of total global sales. Estimated 3-4% hit to overall profit margin, prompting strategic overhaul. No room for big price hikes Raising prices by over 3% would be needed to offset losses. But Hyundai risks losing competitiveness if it increases prices more than rivals like Toyota, which has already raised prices by $200–$270. Hyundai's pricing strategy likely to focus on regional customization, option flexibility, including removal of some standard features. Production shift on the table Hyundai is in talks with labor unions to shift production of high-demand models — especially hybrids and SUVs — from Korea to the US. All Hyundai Motor and Kia hybrid models are currently made in Korea despite surging US demand. Labor union hurdle A 1999 labor agreement requires union approval for any overseas production shift. Experts say this will need to be renegotiated due to what's described as a 'life-or-death threat' to Hyundai's export-driven business model. What's at stake Hyundai sold 28,733 hybrid vehicles in the US in July, up 38% year-on-year. Shifting hybrid production could help avoid tariffs and protect market share, but labor resistance could delay plans.
Korea Herald
13 hours ago
- Korea Herald
SK Group sells off entire Vingroup stake to secure W1tr cash
SK Group, South Korea's second-largest conglomerate, has sold its entire stake in Vietnam's Vingroup, securing about 1 trillion won ($710 million) in cash, according to industry sources on Wednesday. From January through early August, SK offloaded its entire 6.05 percent stake in Vingroup via a series of block trades on the Vietnamese stock exchange, prearranged with institutional investors. Though the buyer and exact terms of the deal were not disclosed, the transaction is expected to have recouped more than its initial investment. In January, SK sold the first 22 percent of its stake for about 120 billion won, when Vingroup shares were trading at around 39,000 Vietnamese dong ($1.50). By early August, the stock price had surged 2.6 times to 104,000 dong, suggesting the remaining 78 percent was sold at a significantly higher valuation. SK had originally invested $1 billion (around 1.1 trillion won at the time) in Vingroup in 2019, becoming its fourth-largest shareholder. Analysts estimate that total proceeds could exceed 1.3 trillion won, given the share price increase and volume sold. SK is believed to have benefited from favorable currency exchange movements, as the Korean won depreciated more than the Vietnamese dong against the US dollar since the initial investment. The divestment is part of SK Group's ongoing portfolio rebalancing strategy launched last year, aimed at strengthening financial stability and reallocating capital toward future growth areas. The group has already sold its 7.1 percent stake in WinCommerce, a retail subsidiary of Vietnam's Masan Group, for $200 million in September 2024, followed by a 5.05 percent stake in Masan Group for another $200 million in November of the same year. SK is also expected to ramp up investment in new growth areas, with a strong focus on artificial intelligence and semiconductors. 'Separate from the equity sales, we will maintain a strategic partnership with Vinn Group in the future growth sector,' an SK official said. SK Group has engaged in various forms of collaboration with Vingroup, the largest conglomerate in Vietnam that operates across diverse sectors including real estate development, retail, smartphones and automobiles.
