TechCrunch reported on Feb. 18 that online marketplace platform Etsy will sell secondhand clothing app Depop to eBay for $1.2 billion.
Etsy attracted teenagers and millennials through Depop, but decided to focus on its core marketplace amid growth stagnation after the pandemic. Etsy acquired Depop five years ago for $1.62 billion.
Founded in 2011, Depop recorded $1 billion in merchandise sales last year, and 90 percent of its users are under 34.
With the acquisition, eBay plans to strengthen its position in the Generation Z market and expand the secondhand fashion market by using Depop’s social media-style marketplace. The deal is expected to be completed within the second quarter of this year.
About the Author
Chi-gyu Hwang
delight@d-today.co.kr