in

UK-based Second-Hand Fashion app is up for sale.

GETTY IMAGES

The $1.62bn (£1.14bn) deal was announced on Wednesday and is expected to go through later this year. Etsy boss Josh Silverman described Depop as “the resale home for Gen-Z consumers”.

About 90% of Depop’s users are under the age of 26, with younger shoppers placing importance on shopping in a more sustainable way.

The app, which was founded in London in 2011, lets users buy and sell used clothes through its online marketplace.

Depop combines its shopping element with Instagram-style direct messages, so buyers and sellers can negotiate on prices and postage.

It now counts about 30 million registered users in total across 150 countries. Etsy, however, tends to skew towards older customers, with craft goods and vintage items on offer from sellers.

Etsy’s chief executive Mr Silverman added in a 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.”

It added that the deal would allow Depop to expand further, although it will still be based in London and run by its existing team.

Depop chief executive Maria Raga said: “We’re on an incredible journey building Depop into a place where the next generation comes to explore unique fashion and be part of a community that’s changing the way we shop.

“They come to Depop for the clothes, but stay for the culture.”

What do you think?

Written by admin1

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Trump shuts down his website 29 days after launching it

Facebook suspends Trump accounts for the next two years