Etsy takes on Depop, benefits from its popularity among teens and young adults

Depop is an online platform much like Etsy where people can buy and sell clothes, small businesses that sell handmade products make up most of the sellers here. Depop gained popularity last year and caught the eye of Gen Z, that is the population under the age of 26.

The deal was finalized for $1.625 billion. The main motive of this deal is to expand Etsy’s reach to younger customers and after analyzing the shopping trends on the ten-year-old Depop, it was quite clear that they cater to the target audience.

In his statement, Josh Silverman, the CEO of Etsy said that “Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe the significant potential to further scale.”