Developing: Etsy knows that Generation Z is hungry for new places to shop for secondhand clothing and accessories. Today they announced plans to absorb Depop, a beloved online thrifting platform, into its corporate family.
Folk art and fashion found a home online in Etsy, an online marketplace for small-time artisans to hawk their wares. The company announced plans to purchase Depop, a site dedicated to users selling secondhand clothing.
The deal will go down for $1.63 billion. They are hoping to close officially by Q3 2021. Etsy believes that the move will attract the incoming audience of young people seeking an alternative source of fashion and accessories as they enter adolescence.
A veritable mecca for lovers of thrifting from all over the world, Depop's integration into Etsy will likely be deep. Depop's current business model allows for users to negotiate with those selling directly, a framework that Etsy will no doubt capitalize on for those doing business on their website as well.
Combined, the two platforms have 25.3 million users. With approximately $40 billion in the secondhand market to contend for, the new union certainly has plenty working in its favor.