Etsy is buying Depop for $1.6 billion to make a major play for Gen Z. Known for its vintage clothes and streetwear, Depop has built a successful secondhand marketplace and community of young shoppers (90% of the brand’s 30 million users are under 26-years-old). Now, Etsy is buying Depop for $1.6 billion and bringing “the resale home for Gen Z consumers to the Etsy family” in an effort to grow its scale and fashion sector among young consumers. YPulse’s sustainability survey data found that 49% of 13-39-year-olds have purchased secondhand clothing/accessories, and the $40 billion a year industry is expected to grow 15-20% in the next five years. (NYT, Sourcing Journal)
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