E-commerce site Etsy, best known for selling handmade and vintage wares, is buying up a cooler, younger rival, UK-based secondhand shopping app Depop.
The $1.6 billion acquisition lets Etsy access Depop’s young and growing userbase. Etsy says more than 90 percent of Depop’s users are under 26, meaning they mostly belong to Gen Z, while Etsy’s own users are firmly millennial, with a median age for sellers of around 39. Etsy claims that Depop is the 10th most visited shopping site for Gen Z consumer in the US.
“We are simply thrilled to be adding Depop — what we believe to be the resale home for Gen Z consumers — to the Etsy family,” Etsy chief executive Josh Silverman said in a press statement. “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.”The Verge