Contact us on +022 2419 3000 or indiantextilejournal.com.

Etsy buys fashion resale marketplace Depop for $1.6 bn

Jun 04, 2021
Etsy buys fashion resale marketplace Depop for $1.6 bn

Brooklyn

Etsy, Inc operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, has signed an agreement to acquire Depop, a privately-held, community-led, and purpose-driven marketplace for unique fashion. The transaction value is estimated to be $1.625 billion. The transaction may be closed during the third quarter of 2021.

Depop will continue to be headquartered in London, England and operate as a standalone marketplace run by its existing leadership team. Founded in 2011, Depop is a community-powered marketplace to buy and sell unique fashion.

Etsy believes that Depop has a highly differentiated position in the fast-growing resale space as approximately 90% of Depop's active users are under the age of 26 and young consumers are adopting second-hand fashion faster than any other audience. Depop is the 10th most visited shopping site among Gen Z consumers in the U.S.

Josh Silverman, CEO, Etsy, Inc, commented that, Depop's world-class management team and employees have done a fantastic job nurturing this community and driving organic, authentic growth in a way that aligns well with Etsy's mindset. He added that, there would be significant opportunities for shared expertise and growth synergies across a tremendous 'house of brands' portfolio of individually distinct, and special, ecommerce brands.

Depop is primarily known for its vintage, streetwear, one-of-a-kind and Y2K (late 1990s/early 2000s) fashion.

Depop's CEO Maria Raga said that, their community is made up of people who are creating a new fashion system by establishing new trends and making new from old. They come to Depop for the clothes, but stay for the culture. Depop will take an exciting leap forward as part of the Etsy family, and the resources of a much larger company whose values are in line with Depop.

Following the close of this transaction, Etsy Inc. will operate three highly differentiated, non-commoditized and loved ecommerce brands: Etsy, Reverb, and Depop.

Source: Etsy Investor Relations

Also read:

https://indiantextilejournal.com/latest-textile-industry-news/agility-is-the-way-forward-for-textile-industry

https://indiantextilejournal.com/latest-textile-industry-news/fraunhofer-opens-e-textile-labs-in-berlin-

Enquiry