Etsy has sold Depop, a secondhand clothing app popular with Gen Z, to eBay for $1.2 billion. Etsy initially acquired Depop in 2021 for $1.6 billion but is now divesting to refocus on its core marketplace business amidst decelerating growth. For eBay, this acquisition is a strategic move to attract younger users and capitalize on the fast-growing secondhand apparel market.
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Etsy Sells Depop, a Secondhand Clothing App Popular With Gen Z, to eBay
Etsy has sold Depop, a secondhand clothing app popular with Gen Z, to eBay for $1.2 billion. Etsy initially acquired Depop in 2021 for $1.6 billion but is now divesting to refocus on its core marketplace business amidst decelerating growth. For eBay, this acquisition is a strategic move to attract younger users and capitalize on the fast-growing secondhand apparel market.