Etsy is acquiring one of Brazil’s top e-commerce sites.
Etsy has signed an agreement to acquire Elo7, a privately held online marketplace specializing in custom, handmade items, for $217 million in cash. Elo7 currently has about 1.9 million active buyers and 56,000 active sellers, with approximately 8 million items for sale, the majority of which are made to order. It is ranked as a top 10 e-commerce site in Brazil.
Earlier this month, Etsy agreed to acquire Depop, a U.K.-based fashion resell marketplace popular with younger consumers around the globe, for $1.6 billion, consisting primarily of cash.
Source: Chain Storeage
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