Fast take:
Kim is ready to tackle the chief monetary officer function for 2 of Naver’s enterprise models.The companies embrace 3D app growth agency Naver Z, which homes the metaverse app, ZEPETOKim is anticipated to begin his new function at Naver Corp in February 2023.
JPMorgan’s head of funding in Korea, Younger-ki Kim, is leaving the financial institution to affix Naver Corp, in accordance with a Bloomberg report.
Kim was appointed to his function at JPMorgan in April this 12 months. A Naver spokesperson informed Bloomberg that Kim is ready to tackle the chief monetary officer function for 2 of Naver’s enterprise models, which embrace 3D app growth agency Naver Z, which homes the metaverse app, ZEPETO, in addition to the resale and buying and selling platform for restricted version sneakers, KREAM.
The spokesperson stated that Kim is anticipated to begin his new function at Naver Corp in February 2023. Naver Corp is the supplier of South Korea’s high search portal, Naver, and manages video messenger app, SNOW, and group communication service, BAND.
The South Korean tech big’s subsidiaries and associates embrace digital comics platform NAVER WEBTOON, group social media platform, NAVER BAND, metaverse platform ZEPETO, and Naver Z.
As of August, ZEPETO has surpassed 20 million international month-to-month lively customers. In response to a press launch, ZEPETO creators made greater than 7 million gadgets and greater than 175 million gadgets have been offered, offering alternatives for customers to monetize their creations.
The metaverse platform has collaborated with trend and sweetness corporations, together with BVLGARI, Ralph Lauren, Gucci, Nike, Christian Dior, international leisure companies and pop stars, reminiscent of Selena Gomez and BLACKPINK.
In January, Naver Z launched a $100 million creator fund to broaden its metaverse product choices throughout a number of units, together with cell phones, PCs, and digital actuality. The subsidiary raised $190 million in a Sequence B funding spherical final 12 months.
Nevertheless, Naver Corp’s shares are down 51% this 12 months because of an general droop within the international tech trade, valuing the corporate at about $23.3 billion. In October, the corporate introduced a $1.2 billion deal to accumulate US clothes reseller, Poshmark, because it makes its first foray into Silicon Valley.
In response to Monetary Instances, the acquisition, which drove the corporate’s shares additional down, will permit Naver to construct its presence within the US on-line trend re-commerce market by pairing its tech choices, together with dwell streaming options in style in Asia, with Poshmark’s social purchasing platform and dependable buyer base.
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