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Etsy to buy Gen-Z focused fashion marketplace Depop for $1.63 billion

More young consumers are moving toward second-hand fashion options, conscious of the environment and carbon footprint of the clothing industry. The second-hand market is projected to grow at a 39% compound annual growth rate from 2019 to 2024 in the United States, reaching $64 billion, and to grow to twice the size of fast fashion on a global basis, Etsy said. Depop, an online marketplace that allows people to buy and sell new or second-hand apparel, mainly has users under the age of 26 and is the 10th most visited shopping site among Gen-Z consumers in the United States, Etsy said. ....

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Etsy Buys Depop for $1.6bn USD in "Gen Z" Push

Etsy Buys Depop for $1.6bn USD to Tap Gen Z Audience: The shock sale aims to teach Etsy and Depop a few things about one another. ....

Josh Silverman , Virgil Abloh , Maria Raga , ஜோஷ் சில்வர்மேன் , மரியா ராகம் ,

Etsy buys fashion resale site Depop in a push for Gen Z shoppers — Quartz

June 2, 2021
Etsy has announced it will buy Depop, a UK-based fashion resale marketplace, for $1.63 billion in a primarily cash deal. It’s Etsy’s second acquisition of a resale platform and much bigger than the last one its $275 million purchase of Reverb, a marketplace for new and used music gear, in 2019.
The company sees Depop as a way to bolster its business in clothing resale and with Gen Z, the generation generally regarded as being born between 1997 and 2012. It also expects to use its expertise in peer-to-peer marketplaces to help Depop grow, Etsy’s management explained on a call with investors and analysts today, and believes it can learn from Depop in return. ....

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Etsy snaps up Gen-Z focussed shopping app Depop for $1.6bn

The British second-hand clothing app Depop has unique items and potential to scale up, the boss of Etsy says. ....

Josh Silverman , Online Marketplace ,

Craft marketplace Etsy to buy second-hand fashion app Depop for $1.6 billion

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Etsy, the online marketplace for crafts and vintage items, is buying second-hand fashion app Depop for $1.63 billion as it seeks to expand its customer base and attract younger users.
The deal will create “significant opportunities for shared expertise and growth synergies” between the two e-commerce sites as the trend for trading recycled clothing continues to grow, New York-based Etsy said in a statement on Wednesday. The deal, which is primarily cash, is expected to close in the third quarter.
Depop was set up in 2011 as a “community-powered marketplace” to buy and sell used fashion and has become one of the most popular e-commerce sites, particularly among younger, environmentally conscious consumers. About 90 per cent of Depop’s active users are under the age of 26 and Depop is the 10th-most visited shopping site among “Gen Z” consumers in the US, according to Etsy, whose average users tend to be older. ....

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