Depop, which is owned by Etsy, has 7 million active buyers on its marketplace, nearly 90% of whom are under the age of 34
Online seller eBay has agreed to purchase secondhand fashion marketplace Depop from Etsy for about $1.2bn in cash, the companies announced on Wednesday, with eBay hoping the acquisition will help it capture a younger demographic.
The deal comes at a time when used clothing has become increasingly popular, sought out by Gen Z shoppers searching for unique items that cost less than new ones, and who want to keep older items from heading to landfill.
Depop, based in London, is expected to retain its name, brand, platform and its culture, the companies said. It was founded in 2011.
“We are confident that as part of eBay, Depop will be even more well positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities,” eBay’s CEO, Jamie Ianonne, said.
