"We're on an incredible journey building Depop into a place where the next generation comes to explore unique fashion and be part of a community that's changing the way we shop,” Depop CEO Maria Raga said in a statement. “Our community is made up of people who are creating a new fashion system by establishing new trends and making new from old. They come to Depop for the clothes, but stay for the culture.”
Depop, which first began in the U.K., has 30 million registered users across 150 countries. The platform reported 2020 gross merchandise sales (GMS) and revenue of approximately $650 million and $70 million, respectively. GMS and revenue both grew 100% year over year. Once the transaction closes, Etsy will operate three commerce brands: Etsy, Depop and Reverb.