Naver’s overseas revenue surpassed 1 trillion won for the first time in the first half of this year. While South Korean domestic revenue grew 14% year-over-year, overseas revenue surged 30%, leading overall growth. The gains were driven by Poshmark, a North American fashion consumer-to-consumer (C2C) platform, lifting US revenue, and Wallapop, a Spanish secondhand marketplace, newly contributing to European revenue.

The regional C2C platforms acquired by Naver are emerging as a new growth engine for its overseas business.

Overseas Revenue Growth Rate Doubles Domestic

According to Chosun Biz’s analysis of Naver’s semi-annual report on the 20th, overseas revenue — combining Japan, the United States, and other regions — totaled 1.1069 trillion won (approximately $793.9 million) in the first half of this year. That represents a 30% increase from 851.4 billion won (approximately $610.7 million) in the same period last year, marking the first time semi-annual overseas revenue has exceeded 1 trillion won.

During the same period, South Korean domestic revenue rose 13.9% from 4.8505 trillion won to 5.5229 trillion won (approximately $3.5 billion to $4.0 billion). The overseas revenue growth rate was more than double that of domestic revenue. Overseas revenue’s share of total revenue also increased by 1.8 percentage points, from 14.9% to 16.7%.

The United States led the overseas revenue surge. Revenue from US-based entities jumped 41.2% from 263.1 billion won in the first half of last year to 371.6 billion won (approximately $188.7 million to $266.5 million) this year. The increase of 108.5 billion won (approximately $77.8 million) accounted for 42.5% of the total overseas revenue growth of 255.5 billion won. Naver attributed the US revenue growth primarily to Poshmark’s expansion.

Poshmark is a North American fashion C2C platform where users photograph and trade clothing, shoes, bags, and other items directly. By combining social media features with secondhand fashion trading, it has built a strong user base centered on the United States and Canada. Naver acquired Poshmark in 2023 for approximately $1.2 billion (about 1.7 trillion won) and has since applied artificial intelligence (AI) image search and product recommendation technologies while restructuring the business. According to Naver, Poshmark’s second-quarter revenue this year grew more than 40% year-over-year, driven by improved purchase conversion rates and purchase frequency resulting from enhanced AI search and recommendation quality.

Growth in other regions, including Europe, was even steeper. Revenue from regions excluding the US and Japan surged 131.3% from 61.6 billion won in the first half of last year to 142.4 billion won (approximately $44.2 million to $102.1 million) this year. The consolidation of Wallapop, completed in January, was a major factor.

Wallapop is a Spain-based local platform for trading secondhand goods across daily life categories, including mobile phones, home appliances, furniture, and automobiles. Since its consolidation, Wallapop contributed 87.6 billion won (approximately $62.8 million) in revenue and 5.6 billion won (approximately $4.0 million) in net profit to Naver’s first-half results. Naver confirmed that Wallapop’s revenue was reflected in the “other regions” category, which includes Europe.

Japan’s Share Declines as C2C Surges — Overseas Revenue Base Diversifies

Japan, previously the center of Naver’s overseas revenue, also grew but at a slower pace than the US and other regions. Revenue from Japan-based entities increased 12.6% from 526.7 billion won in the first half of last year to 592.9 billion won (approximately $377.8 million to $425.3 million) this year.

Japan’s share of total overseas revenue fell from 61.9% to 53.6%, while the combined share of the US and other regions rose from 38.1% to 46.4%. Naver’s overseas revenue base is shifting from a Japan-centric model toward North America and Europe.

Naver’s overseas revenue by region is as follows:

RegionH1 2025H1 2026Growth RateJapan526.7 billion won592.9 billion won12.6%United States263.1 billion won371.6 billion won41.2%Other (Europe, etc.)61.6 billion won142.4 billion won131.3%Total851.4 billion won1.1069 trillion won30.0%

Note: Based on Naver’s semi-annual report. “Other” includes Wallapop revenue consolidated in January of this year.

The growth of the C2C business underpins this shift. Naver’s second-quarter C2C revenue — including Poshmark, Wallapop, Soda, Kream, and others — reached 397.9 billion won (approximately $285.4 million), up 74.9% year-over-year. Even excluding the Wallapop consolidation effect, C2C revenue grew 52.1%. However, this figure represents total C2C revenue including South Korea’s Kream and other domestic operations, not overseas revenue alone. Naver has not disclosed the specific amounts contributed by Poshmark and Wallapop to their respective regional revenues.

Naver’s overseas revenue surpassing 1 trillion won on a semi-annual basis for the first time carries significance beyond mere top-line growth. It demonstrates that the company’s overseas business structure, once centered on Japan’s LINE, is diversifying into North American and European C2C platforms — reducing dependence on any single region and strengthening Naver’s positioning as a global commerce operator. The fact that AI technology applied to Poshmark is translating into tangible improvements in purchase conversion rates is also noteworthy.

That said, with Wallapop’s consolidation accounting for a substantial portion of the surge in other-region revenue, the organic growth trajectory of the European business remains a variable to monitor. Naver’s decision not to disclose specific contribution figures for each regional C2C platform also makes it difficult to assess the profitability of its overseas operations.