Etsy has confirmed it has completed its $1.625bn acquisition of the London-based, Gen Z fashion marketplace Depop.
The buy, which was revealed last month, extends the reach of Etsy, which is a global marketplace for creative entrepreneurs, into the fast-moving, young fashion resale realm.
Depop, which will continue to operate from London as a standalone entity with its own management, adds to the Etsy empire, which already includes musical instrument marketplace Reverb, and Brazil-based handmade goods marketplace Elo7.
Etsy CEO Josh Silverman said: “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.”
Depop was founded in 2011 and its 2020 gross merchandise sales (GMS) and revenue were approximately $650m and $70m respectively.