eBay completes $1.2bn acquisition of Depop

eBay has completed its $1.2 billion (£890 million) acquisition of fashion resale platform Depop, following clearance from the UK Competition and Markets Authority (CMA) earlier this month.

The deal, first announced in February, strengthens eBay's position in the fast-growing fashion resale market and expands its reach among Gen Z and Millennial consumers through Depop's community-led marketplace.

eBay said Depop will continue to operate as a standalone business, retaining its brand, platform, customer experience and company culture. The company plans to support Depop's growth while leveraging eBay's global infrastructure, including its shipping, personalisation, compliance and trusted services, to enhance the experience for buyers and sellers.

Jamie Iannone, Chief Executive Officer of eBay, said: “As a global leader in C2C and recommerce, eBay's acquisition of Depop further strengthens our C2C value proposition. This combines two distinct customer experiences and expands our reach with the next generation of buyers and sellers.”

“Our goal is to preserve Depop's strong brand, community and product experience, while helping the team accelerate the roadmap that is already underway and explore synergies with eBay in areas that can supercharge our combined growth potential.”

Peter Semple, Chief Executive Officer of Depop, added: “Joining eBay, a company with a longstanding record of driving innovation in recommerce globally, is an exciting new chapter for Depop and our community.”

“We've built a marketplace centred on creativity, self-expression and connection, and we're just getting started. Depop is a natural fit with eBay and together we can accelerate our growth while continuing to deliver the unique experience our users value.”

The completion follows the CMA's decision on 15 July not to refer the transaction for an in-depth Phase 2 investigation, concluding that the acquisition was not expected to substantially lessen competition in the UK's second-hand fashion market.

Founded in London in 2011, Depop has become one of the best-known resale platforms among younger shoppers, with millions of users buying and selling second-hand fashion through its app.

For eBay, the acquisition further strengthens its fashion business, which generates more than $10 billion in annual gross merchandise volume, while reinforcing its strategy to capitalise on continued growth in circular fashion and resale.