The $1.6 billion deal is expected to close later this year.
“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,” Etsy CEO Josh Silverman said in a statement, as reported by CNBC, noting the platform’s “passionate community” and “highly-differentiated offering of unique items.”
“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, e-commerce brands,” he continued.
Depop was founded in the U.K. in 2011 and has become a go-to shopping destination for Gen Z (according to the New York Times, 90% of its 30 million users are under the age of 26) and sustainability-minded consumers alike. Maria Raga, the company’s CEO, described it as “where the next generation comes to explore unique fashion and be part of a community that’s changing the way we shop,” per CNBC.