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Etsy Wraps Finishes Marketplace Depop Acquisition

By  |  July 13, 2021

Etsy has closed on its purchase of fashion marketplace Depop for roughly US$1.625 billion. The purchase price consists of mainly cash and is “subject to certain adjustments,” according to a Tuesday, July 13, announcement. Depop will keep running as a standalone marketplace operated by its current management team, the release stated.

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    “With the closing of this incredibly exciting transaction, Etsy’s ‘house of brands’ portfolio now includes four individually distinct, and very special, ecommerce brands – Etsy, Depop, Reverb and Elo7 – with parallel growth strategies, all sharing similar missions, visions, and values,” Etsy CEO Josh Silverman said in the announcement.

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    In previously revealing its purchase of the decade-old UK-based resale marketplace Depop, Etsy stated it endeavors to grow its reach into the quickly expanding resale sector, while also gaining access to a new market of young, hip consumers, 90% of whom are younger than 26.

    “We are simply thrilled to be adding Depop — what we believe to be the resale home for Gen Z consumers — to the Etsy family,” Silverman said in a June announcement, noting the cultural fit and purpose-driven DNA the two firms share. “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, eCommerce brands.”

    Etsy, which is based in Brooklyn, New York, was established in 2005, according to the announcement.

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