Fashion / Fashion News

Etsy just made a major investment into Gen Z – buying the popular marketplace platform Depop

Depop Etsy

Up until this day, online marketplace sites Depop and Etsy have always felt like two, very different spaces. For many of us, (myself include), the Gen Z hub has always seemed a touch out of reach; far more developed and trendy than the days of Ebay. Regardless, there's no way of denying the platform's unparalleled growth over the last few years; coinciding with the rise of Tik Tok and the unexpected relationship the two apps have fostered. It seems as though Etsy has also been keeping a close eye on Depop's popularity, today announcing that the two marketplaces will be joining forces.

What is the cost of tapping into the Gen Z market, you might ask? Apparently, $1.6 billion USD. Although Etsy has paid a handsome price for Depop, the two companies have made it clear that they will continue to operate as standalone marketplaces even when the deal is finalised later this year.

“This summer marks exactly ten years since Depop was founded, and I’m delighted to see it mark this anniversary by beginning an exciting new chapter,” Depop founder, Simon Beckerman, said in an official statement. “What Depop offers — easy access to unique fashion and a vibrant creative community — is truly distinctive. It’s all about the power of genuine human connection. And it is the people themselves that make being part of the business such a great experience. I’m so proud of our community and our team, and I can’t wait to see what the next decade will bring.”

Prior to this move, Etsy has only ever expanded its fashion offering by collaborating with designers on limited-edition collections; working with talents such as Prabal Gurung to produce what it coined as "creator collabs."

This investment into a platform that relies on the resell of recycled clothing is extremely telling. Gen Z is the future; and with that in mind, I'm off to spend the next four hours aimlessly scrolling on Tik Tok.

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Image: Instagram