02/June/2021
Online shopping marketplace, Etsy is spending $1.6 billion to acquire Depop, the social shopping app targeted at Gen Z shoppers — Business Insider News Report
Announcing the news early Wednesday, Etsy described Depop as the "resale home for Gen Z consumers."
Depop has been described as a mix of eBay and Instagram. It offers users an easy way to buy and sell a mix of secondhand items including vintage clothing, limited-edition sneakers, or accessories via its app..
"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," Etsy CEO Josh Silverman said in a statement Wednesday.
According to Depop, around 90% of its users are under the age of 26. It's also the 10th most visited shopping site among Gen-Z consumers in the US, it said.
Etsy now has the opportunity to tap into this consumer base in a bigger way and learn more about how the next generation of consumers shop.. businessinsider.com
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