Swedish fashion giant, the H&M Group, has announced the extension of its online second-hand platform Sellpy to additional 20 European nations.
Etsy, a handmade and vintage items site, revealed on May 2nd that it planned to purchase Depop largely in cash in order to attract a younger audience.
Approximately 90% of London-based Depop's active users are under the age of 26, indicating that the resale market is being driven by a younger, more environmentally concerned demographic.
According to Etsy, the second-hand market in the United States is projected to grow at a 39% CAGR from 2019 to 2024, reaching 64 billion dollars, making it twice the size of fast fashion globally.
Depop will remain located in London and operate as an independent marketplace controlled by its existing leadership team until the acquisition is completed, which is expected in the third quarter of 2021.
Josh Silverman, Etsy CEO, said they are simply happy to be bringing Depop to the Etsy family - what they hope to be the resale home for Gen Z customers. Depop is a thriving, two-sided marketplace with a dedicated community, a highly distinct assortment of unique things, and considerable growth potential.
Depop, which was founded in 2011, is a community-powered marketplace that caters to Gen-Z shoppers looking to buy and sell pre-loved apparel and other items.
The company began in the United Kingdom before spreading to the United States and Australia. The firm now has over 30 million registered users across nearly 150 countries.
The company's revenue more than quadrupled to 70 million dollars last year, while gross merchandise sales (GMS) were about 650 million dollars, reflecting a compounded annual growth rate of about 80% from 2017 to 2020.
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