Etsy announced its plans to acquire the secondhand fashion marketplace Depop for $1.6 billion, in a deal that, according to the New York Times, is expected to close in the third quarter of 2021. And CNBC‘s coverage included a statement from Etsy CEO Josh Silverman which read, “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 DNA and mission of keeping commerce human.”
Silverman went on to mention Depop’s “passionate community” and “highly-differentiated offering of unique items” as more reasons for wanting to close the deal. “We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous ‘house of brands’ portfolio of individually distinct, and very special, e-commerce brands,” he said.
Depop was founded in the U.K. in 2011 and has become a go-to shopping destination for Gen Z (according to the New York Times, 90% of its 30 million users are under the age of 26) and sustainability-minded consumers alike. Maria Raga, the company’s CEO, described it as “where the next generation comes to explore unique fashion and be part of a community that’s changing the way we shop.”
The secondhand fashion market has shown consistent growth over the past few years, even throughout the pandemic. Looks like that growth’s here to stay.
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