Quick take:
- Kim is set to take on the chief financial officer role for two of Naver’s business units.
- The businesses include 3D app development firm Naver Z, which houses the metaverse app, ZEPETO
- Kim is expected to start his new role at Naver Corp in February 2023.
JPMorgan’s head of investment in Korea, Young-ki Kim, is leaving the bank to join Naver Corp, according to a Bloomberg report.
Kim was appointed to his role at JPMorgan in April this year. A Naver spokesperson told Bloomberg that Kim is set to take on the chief financial officer role for two of Naver’s business units, which include 3D app development firm Naver Z, which houses the metaverse app, ZEPETO, as well as the resale and trading platform for limited edition sneakers, KREAM.
The spokesperson said that Kim is expected to start his new role at Naver Corp in February 2023. Naver Corp is the provider of South Korea’s top search portal, Naver, and manages video messenger app, SNOW, and group communication service, BAND.
The South Korean tech giant’s subsidiaries and affiliates include 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 global monthly active users. According to a press release, ZEPETO creators made more than 7 million items and more than 175 million items were sold, providing opportunities for users to monetize their creations.
The metaverse platform has collaborated with fashion and beauty companies, including BVLGARI, Ralph Lauren, Gucci, Nike, Christian Dior, global entertainment agencies and pop stars, such as Selena Gomez and BLACKPINK.
In January, Naver Z launched a $100 million creator fund to expand its metaverse product offerings across multiple devices, including mobile phones, PCs, and virtual reality. The subsidiary raised $190 million in a Series B funding round last year.
However, Naver Corp’s shares are down 51% this year as a result of an overall slump in the global tech industry, valuing the company at about $23.3 billion. In October, the company announced a $1.2 billion deal to acquire US clothing reseller, Poshmark, as it makes its first foray into Silicon Valley.
According to Financial Times, the acquisition, which drove the company’s shares further down, will allow Naver to build its presence in the US online fashion re-commerce market by pairing its tech offerings, including live streaming features popular in Asia, with Poshmark’s social shopping platform and loyal customer base.
****
Sign up to the world’s biggest crypto exchange Binance to buy and sell cryptocurrencies.
Stay up to date:
