Etsy is acquiring Depop, the second-hand fashion app, for $1.6 billion (€1.3 billion), as the handmade goods marketplace expands its portfolio to younger consumers. “The resale market in general is a massive market that we think is well positioned for growth well into the future,” said Etsy chief executive Josh Silverman. Its active network of 4 million buyers and 2 million sellers traded goods worth about $650 million in 2020. Depop has also struck partnerships with brands including Adidas, Benetton and Ralph Lauren, as fashion retailers look to boost their sustainability credentials. Its price tag is below that of its closest European competitor Vinted, which was valued at €3.5 billion in a private financing last month, while Poshmark currently trades at a $3.5 billion market capitalisation.

Source: The Irish Times June 02, 2021 10:15 UTC