Etsy completes acquisition of Depop, the global fashion resale marketplace for Gen Z
BROOKLYN, N.Y., July 13, 2021 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY) (the "Company"), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced the completion of its previously-announced acquisition of Depop for approximately $1.625 billion consisting of primarily cash and subject to certain adjustments. Depop, a community-powered, purpose-driven marketplace to buy and sell unique fashion, extends Etsy's opportunities further into the high frequency apparel sector, specifically in the fast-growing resale space serving the Gen Z audience.
Josh Silverman, Etsy, Inc. CEO, said, "We believe Depop to be the resale home for Gen Z consumers with a unique offering and highly-engaged user base. With the closing of this incredibly exciting transaction, Etsy's 'house of brands' portfolio now includes four individually distinct, and very special, ecommerce brands – Etsy, Depop, Reverb and Elo7 – with parallel growth strategies, all sharing similar missions, visions, and values. We are excited to welcome the entire Depop community into the Etsy family and look forward to applying Etsy's value creation roadmap to help them further drive growth."
As previously announced, Depop will continue to operate as a standalone marketplace run by its existing leadership team.
About Etsy
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. These marketplaces share a mission to keep commerce human, and we're committed to using the power of business to strengthen communities and empower people.
Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs. Etsy, Inc.'s "house of brands" portfolio also includes fashion resale marketplace Depop, musical instrument marketplace Reverb, and Brazil-based handmade goods marketplace Elo7. Each Etsy, Inc. marketplace operates independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy was founded in 2005 and is headquartered in Brooklyn, NY.
Cautionary Statement Regarding Forward-Looking Statements
This press release (including statements quoted in this press release) contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements related to our potential addressable market, the potential benefits of the acquisition of Depop, the post-closing operations of the Depop marketplace and the potential of Depop's business.
Forward-looking statements include all statements that are not historical facts. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those we expect. These risks and uncertainties include, among others, the potential impact to the business of Depop or Depop's relationships with its marketplace community due to the closing of the acquisition, Etsy's ability to successfully integrate the acquisition and execute on its business plan and "house of brands"' operating model, and general economic conditions and political, regulatory, economic and social conditions, many of which are beyond Etsy's control, and other risks and uncertainties that are more fully described in Etsy's filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in Etsy's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and subsequent reports that Etsy files with the Securities and Exchange Commission. In light of such risks, readers are cautioned not to place undue reliance on such forward-looking statements.
Forward-looking statements represent Etsy's beliefs and assumptions only as of the date of this press release. Etsy disclaims any obligation to update forward-looking statements, except as required by law.
Contacts:
Investor Relations Contact:
Etsy, Deb Wasser, Vice President, Investor Relations and ESG Engagement: dwasser@etsy.com
or
Etsy, Gabe Ratcliff, Director, Investor Relations: gratcliff@etsy.com
Media Relations Contact:
Etsy, Kelly Clausen, Senior Director, Corporate Communications
press@etsy.com
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