Depop acquisition completed by Etsy

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Etsy have today announced the completion of its previously-announced Depop acquisition for approximately $1.625 billion consisting of primarily cash and subject to certain adjustments.

Depop, a community-powered, purpose-driven marketplace to buy and sell unique fashion, extends Etsy’s opportunities further into the high frequency apparel sector, specifically in the fast-growing resale space serving the Gen Z audience. Depop’s 2020 gross merchandise sales (GMS) were ~$650 million with revenue of $70 million over 100% year-over-year. Depop’s GMS grew at a compounded annual growth rate of nearly 80% from 2017-2020.

For Depop sellers and buyers, nothing will change immediately as Depop will continue to operate as a standalone marketplace run by its existing leadership team. However, with this addition, the Etsy Inc. house of brands includes four differentiated, mission-aligned brands –, Depop, Reverb and Elo7 (which closed last week).

Moving forward, Etsy will be focused on continuing to grow these marketplaces and create even better user experiences. Although the Depop fashion app will continue to operate independently alongside Etsy and their other brands, the Depop acquisition means that the marketplace will benefit from shared expertise in areas such as product, marketing, technology, and customer support.

“We believe Depop to be the resale home for Gen Z consumers with a unique offering and highly-engaged user base. 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. We are excited to welcome the entire Depop community into the Etsy family and look forward to applying Etsy’s value creation roadmap to help them further drive growth.”
– Josh Silverman, CEO, Etsy


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