Depop, the second-hand clothing app that has skyrocketed in popularity among Gen Z shoppers, is being sold to eBay for $1.2bn (£890m).
Etsy, the online platform, is offloading Depop just five years after it bought the business which was founded in the UK for $1.62bn.
eBay is hoping that the deal will help the online auction firm, which is more than 30 years-old, "reach a younger demographic across the expanding re-commerce landscape".
Apps that allow people to buy and sell used or "pre-loved" garments and footwear have grown in use in recent years as young consumers seek sustainable, low-cost alternatives to traditional retailers.
Nearly 90% of Depop's seven million active buyers are under the age of 34, according to Etsy.
