Etsy eyes Gen-Z shoppers with $1.63 bn deal for fashion reseller Depop

London-based Depop, founded in 2011, is known for its vintage and streetwear collections and has more than 26 million users from over 147 countries.

Etsy Inc said on Wednesday it would buy Generation-Z focused fashion resale company Depop for $1.63 billion, seeking to attract younger shoppers and bolster its position in a booming market in vintage or used clothing.
 

After a pandemic-driven surge in sales over the last year, Etsy, among the world's best known e-commerce platforms for handmade goods and vintage items, estimates the U.S. second-hand clothing market alone will be worth $64 billion by 2024.
 

Chief Executive Officer Josh Silverman said in statement he saw Depop as "the resale home for Gen-Z consumers" and believed there was significant potential to scale up