As Etsy sells Depop to eBay for $1.2bn, who founded the second-hand fashion app?
Etsy is selling second-hand fashion app Depop to eBay for $1.2bn.
eBay has agreed to buy second-hand fashion app Depop from Etsy for $1.2bn (£890m). Etsy has released a statement about the deal which reads: “eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, and Etsy, Inc. (NYSE: ETSY), the global marketplace for unique and creative goods, today jointly announced that they have entered into a definitive agreement under which eBay will acquire Depop, a leading C2C fashion marketplace with deep recommerce roots and a highly-engaged Gen Z and Millennial customer base, for approximately $1.2 billion in cash, subject to certain purchase price adjustments.
Jamie Ianonne, Chief Executive Officer of eBay, said: “Depop has built a trusted, social-forward marketplace with strong momentum in the pre-loved fashion category, and we are confident that as part of eBay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities.”
He also said: A key C2C driver, fashion represents more than $10 billion in annual gross merchandise volume (GMV) for eBay and delivered 10% year-over-year GMV growth in the U.S. in 2025. This acquisition presents an opportunity to advance one of our newest and fastest-growing Focus Categories with a marketplace that complements our existing presence, and enables us to reach a younger demographic across the expanding recommerce landscape. We’re excited to welcome the Depop team to eBay, and look forward to building on what makes them unique – their brand, culture and community – to deliver compelling benefits to buyers and sellers.”
Kruti Patel Goyal, Chief Executive Officer of Etsy, said: “We are excited that this transaction allows us to focus exclusively on the compelling opportunity we see in front of us: to grow the Etsy marketplace in ways that matter most to our buyers and sellers.” Kruti Patel also said: We believe this transaction is a great outcome for Etsy’s shareholders, and a positive next step for all involved. We are proud of what the Depop team has built – a truly differentiated brand and product, grounded in clear purpose and strong community – becoming one of the fastest-growing fashion resale marketplaces in the U.S. I am confident that Depop is well-positioned for its next phase of growth as part of eBay.”
How much did Etsy buy Depop for?
In 2021, Etsy bought Depop for $1.62 billion.
Who founded Depop?
Depop was founded by Simon Beckerman in 2011, he told GQ in 2020 that “The idea behind Depop was that there was going to be a new generation of people who were most mostly acquainted with using mobile. When we started Depop, apps were [in their] very early stages and apart from the three or four main ones that everybody was starting to use heavily – such as Instagram, Facebook or Twitter – it wasn’t very clear how we were going to use them fully. We didn’t realise how integrated with our lives they would be.”