US-based online sales app pays £1bn for marketplace with 30m users, 90% of whom are under 26
Etsy is buying Depop, the British secondhand fashion resale app, for $1.6bn (£1.1bn) to tap into the fast-growing trend of generation Z young people reselling clothes online.
Announcing the deal on Wednesday, Josh Silverman, the chief executive of Brooklyn-based Etsy said he expected the resale craze would continue long after the recovery from the pandemic, and that it would be led by Depop’s “passionate community” of fashion-conscious young people. “This [gen Z] is an enormous demographic and it’s the trendsetter demographic,” he told analysts on a call to discuss the deal.
