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Etsy is buying Depop for $1.6 billion

Etsy CEO Josh Silverman called Depop "the resale home for Gen Z consumers."

Image: Depop

Etsy announced that it is buying Depop, the popular app for buying and selling secondhand clothes.

Etsy is paying $1.625 billion for the company, which it said will continue to operate from Depop's London HQ as an independent marketplace.

The deal gives Etsy a huge foothold among Gen Z shoppers: Etsy said 90% of Depop's users are under 26, with Etsy CEO Josh Silverman calling it "the resale home for Gen Z consumers."

Interest in secondhand retail and social commerce has been heating up in recent months: Poshmark went public in January and is currently trading at a $3.5 billion valuation, while Gucci owner Kering invested in Vestiaire Collective at an over $1 billion valuation in March.

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