Etsy is shopping for style resale app Depop for $1.62 billion

Josh Silverman, CEO of Etsy.

Adam Jeffery | CNBC

E-commerce agency Etsy introduced Wednesday that it’s shopping for the second-hand style market app Depop for $1.62 billion as a part of an effort to achieve a youthful viewers.

Based within the U.Ok. in 2011, Depop claims to now have roughly 30 million registered customers throughout 150 international locations. The net market provides individuals the power to promote on their used garments and different gadgets in an identical strategy to apps like Gumtree and Shpock.

Etsy CEO Josh Silverman stated in a press release that the corporate is “thrilled” to be including what it believes to be the “resale residence for Gen Z customers” to Etsy.

“Depop is a vibrant, two-sided market with a passionate group, a highly-differentiated providing of distinctive gadgets, and we imagine vital potential to additional scale,” he stated.

“Depop’s world-class administration workforce and staff have accomplished a unbelievable job nurturing this group and driving natural, genuine development in a manner that aligns properly with Etsy’s DNA and mission of retaining commerce human. We see vital alternatives for shared experience and development synergies throughout what’s going to now be an amazing ‘home of manufacturers’ portfolio of individually distinct, and really particular, ecommerce manufacturers.”

Depop’s CEO Maria Raga stated in a press release that Depop is “the place the following era involves discover distinctive style and be a part of a group that is altering the best way we store.”

She added:” Our group is made up of people who find themselves creating a brand new style system by establishing new developments and making new from outdated. They arrive to Depop for the garments, however keep for the tradition. We’ll now take an thrilling leap ahead as a part of the Etsy household, benefiting from Josh’s and his workforce’s experience, and the assets of a a lot bigger firm whose values are so aligned with ours right here at Depop.”


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