Developing: Etsy knows that Gen Z is hungry for new places to shop for second-hand clothing and accessories. Today they announced plans to bring Depop, a much-loved online savings platform, into their corporate family.
Folk art and fashion found a home online on Etsy, an online marketplace for small artisans to sell their wares. The company announced plans to buy Depop, a site dedicated to users who sell second-hand clothes.
The deal will go away down by $ 1.63 billion. They expect to officially close in the third quarter of 2021. Etsy believes the move will appeal to an incoming audience of young people looking for an alternative source of fashion and accessories as they enter their teens.
A true mecca for thrift lovers around the world, Depop’s integration on Etsy will likely be deep. Depop’s current business model allows users to negotiate with those who sell directly, a framework that Etsy will undoubtedly capitalize on for those who do business on its website as well.
Combined, the two platforms have 25.3 million users. With roughly $ 40 billion in the secondhand market to compete for, the new union certainly has a lot of work going for it.