“Etsy to Acquire Second-Hand Shopping App Depop for $1.62 Billion in Bid for Gen-Z”
In a quest to target Gen-Z consumers (i.e., those born between the late 1990s and the early 2010s), who are driving both social shopping and largescale pushes in sustainability, Etsy announced that it will acquire burgeoning British shopping app Depop for $1.62 billion.
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The newly-announced acquisition of Depop – which makes use of a social shopping element that positions it as a “mix of eBay and Instagram” – gives Etsy access to a sweeping pool of younger consumers, with the Brooklyn, New York-headquartered e-commerce marketplace asserting in a statement on Wednesday that more than 90 percent of Depop’s users are under age 26. (That is distinct from Etsy’s user base, which consists primarily of millennial consumers.)
I was surprised when I read the headline, but Etsy buying Depop makes complete sense. Resale is getting some funding and backing from larger corporations now, and designers are even collaboration with places like TheRealReal.
How do you feel about this? What do you think will change? I’m hoping for a better desktop website for Depop personally.
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