eBay buys secondhand fashion app Depop from Etsy in bid to crack Gen Z market
What is Depop? The Gen Z app eBay has bought in $1.2 billion deal
- Online seller eBay has agreed to acquire secondhand fashion marketplace Depop from Etsy for approximately $1.2 billion in cash.
- The acquisition aims to help eBay capture a larger share of the Gen Z market, capitalising on the increasing popularity of used clothing.
- Depop boasts 7 million active buyers, with nearly 90% of them under the age of 34, alongside over 3 million active sellers.
- The deal, unanimously approved by both companies' boards, is expected to conclude in the second quarter, with Depop retaining its name and brand.
- Following the announcement, eBay's shares rose over 7%, while Etsy's shares soared by almost 15% in after-hours trading.
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