📰 Etsy is Buying Gen Z-focused Fashion Resale App Depop for $1.62 Billion

E-commerce firm Etsy announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion. From a report: Founded in the U.K. in 2011, Depop lets people buy and sell used clothes through its online marketplace. The company has attracted a predominantly younger audience thanks to its social media savvy and messaging on environmental and ethical shopping. Depop boasts approximately 30 million registered users across 150 countries. Etsy CEO Josh Silverman said the company was "thrilled" to be adding what it believes to be the "resale home for Gen Z consumers" to Etsy. "Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale," Silverman said in a statement Wednesday. "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."

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