Depop came into existence in 2011 and now ten years on, it looks to have fully bloomed as per the upcoming deal to be inked with handmade goods seller, Etsy.
While buying secondhand and handmade items is no new concept, its well and truly picked up in the recent years. And thanks to the pandemic, opting to clean out our wardrobes and hopefully regain a little more on our purchases has become almost second nature.
According to The Financial Times, Etsy are set to acquire Depop for a huge $1.6 billion.
As Depop continues to flourish, boasting over 30 million users across 150 countries with 90% of its users being under the age of 26, the deal between the online giants is set to be completed by the end of the year.
Considering that Etsy’s user demographic sits in an older age bracket, around the 39 year old mark, the deal is set to benefit both platforms on more than just a monetary level. Depop’s chief executive, Maria Raga said, “Many of the challenges that we are going through as a business are things that Etsy has gone through before.”
While Etsy plans to gain Depop’s knowledge on mobile expertise and social-media savvy, Depop hopes to learn the ropes when it comes to bolstering community safety and scaling internationally.
Etsy chief executive Josh Silverman said, “The resale market in general is a massive market that we think is well positioned for growth well into the future. We think Gen Z is the most exciting community within resale.”
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He added, “We share the same mission and we share the same values. We’re both about keeping commerce human. We’re both about supporting creative entrepreneurs.”
Well, it looks like op shops being cleaned out isn’t going to end anytime soon. For more on this topic, follow the Fashion & Beauty Observer.
