AssetID: 55485682
Headline: UNCAPTIONED: Etsy Sells Depop To eBay In $1.2bn Deal
Caption: Etsy Sells Depop To eBay In $1.2bn Deal. Etsy has agreed to sell second-hand fashion app Depop to eBay for $1.2 billion. The deal comes five years after Etsy bought the UK-founded platform for $1.6 billion. eBay says the acquisition will help it attract younger shoppers and strengthen its position in the fast-growing resale market. Depop has become particularly popular with Gen Z consumers seeking affordable and sustainable alternatives to traditional retail. Nearly 90% of its seven million active buyers are under 34, and the platform also counts more than three million active sellers. The all-cash deal is expected to close by mid-year, with Depop retaining its name and branding. eBay chief executive Jamie Iannone said second-hand fashion is one of the company’s fastest-growing categories. The announcement came alongside eBay’s latest financial results, showing annual revenues rose 8% to $11.1 billion. Shares in both companies climbed in after-hours trading following the news. Instructions: THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Current Affairs & Politics,Etsy,sells,Depop,eBay,second hand,clothes,items,pre-loved,UK-founded,platform,app,fastest-growing,resale market,Gen Z,sustainable,affordable,alternatives,traditional retail,$1.2 billion
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