Naver will invest 130 billion won by participating in a paid-in capital increase at affiliate Kream.

Naver said in a filing that it approved the investment at a board meeting on Aug. 4, deciding to acquire 36,861 common shares of Kream. The investment is scheduled for the second half of this year.

The investment comes as Kream pushes ahead with a paid-in capital increase to secure funds to expand its business scale, with its parent company Naver participating. Naver described the purpose as "securing funds to expand business scale."

The filing said the total amount invested in the counterparty (Kream), including this investment, is 179.999 billion won. Naver said the number of shares and the investment amount were calculated by applying the planned issue price per share, and details could change depending on progress.

All 4 outside directors and the auditor (audit committee member) attended the board meeting.

Kream is a resale platform set up after being spun off from Naver affiliate Snow in 2020. It brokers limited-edition products including sneakers, luxury goods and apparel through anonymous transactions and a product authentication system, and also provides related content such as price and release information and user style reviews.