Depop to join the Etsy family
Depop, the community-powered marketplace app to buy and sell unique fashion, has announced an agreement to join Etsy’s family of brands.
Etsy operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world.
Following the closing of the transaction, currently anticipated during the third quarter of 2021, Depop will continue to be headquartered in London, England and operate as a standalone marketplace run by its existing leadership team.
With the support of Etsy, Depop will be well-placed to grow and develop its global community, enhance its product and marketplace, and accelerate its mission to build the world’s most diverse and progressive home of fashion.
Like Depop, Etsy is committed to fostering authentic, human connections that extend beyond transactions, and using the power of business to strengthen communities and empower people.
Depop’s CEO Maria Raga said: “We’re on an incredible journey building Depop into a place where the next generation comes to explore unique fashion and be part of a community that’s changing the way we shop.
“Our community is made up of people who are creating a new fashion system by establishing new trends and making new from old. They come to Depop for the clothes, but stay for the culture.
“We’ll now take an exciting leap forward as part of the Etsy family, benefiting from Josh’s and his team’s expertise, and the resources of a much larger company whose values are so aligned with ours here at Depop.”
Depop’s Founder Simon Beckerman said: “This summer marks exactly ten years since Depop was founded, and I’m delighted to see it mark this anniversary by beginning an exciting new chapter.
“What Depop offers – easy access to unique fashion and a vibrant creative community – is truly distinctive. It’s all about the power of genuine human connection. And it is the people themselves that make being part of the business such a great experience. I’m so proud of our community and our team, and I can’t wait to see what the next decade will bring.”
Josh Silverman, Etsy CEO, commented: “We are simply thrilled to be adding Depop, which we believe to be the resale home for Gen Z consumers, to the Etsy family.
“Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale.
“Depop’s world-class management team and employees have done a fantastic job nurturing this community and driving organic, authentic growth in a way that aligns well with Etsy’s DNA and mission of Keeping Commerce Human. We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous ‘house of brands’ portfolio of individually distinct, and very special, ecommerce brands.”