Etsy to Purchase Fashion Reseller Depop

Online marketplace Etsy (Brooklyn, N.Y.) will acquire Depop, a resale fashion market popular with Gen Z, for $1.6 billion, according to Business of Fashion. Market research firm GlobalData estimates the fashion resale market to be worth $51 billion in 2023.

Depop has demonstrated 100 percent year-over-year growth with revenues of $70 million in 2020. The company will reportedly remain based in London, and its current leadership team is expected to remain in place.