American e-commerce platform Etsy has signed a definitive agreement to acquire Depop for $1.625bn.
Following the closing of the transaction, currently anticipated to occur during the third quarter of 2021, Depop will continue to be headquartered in London, England and operate as a standalone marketplace run by its existing leadership team.
Founded in 2011, Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world’s most diverse and progressive home of fashion. Depop’s 2020 gross merchandise sales (GMS) and revenue were approximately $650M and $70M respectively, each increasing over 100 per cent year-over-year.
Josh Silverman, Etsy, Inc. Chief Executive Officer, commented: “We are simply thrilled to be adding Depop – what we believe to be the resale home for Gen Z consumers – to the Etsy family. 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.”
