Etsy is Buying Gen Z-focused Fashion Resale App Depop for $1.62 Billion

E-commerce firm Etsy announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion. From a report: Founded in the U.K. in 2011, Depop lets people buy and sell used clothes through its online marketplace. The company has attracted a predominantly younger audience thanks to its social media savvy and messaging on environmental and ethical shopping. Depop boasts approximately 30 million registered users across 150 countries. Etsy CEO Josh Silverman said the company was "thrilled" to be adding what it believes to be the "resale home for Gen Z consumers" to Etsy.

"Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale," Silverman said in a statement Wednesday. "We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous 'house of brands' portfolio of individually distinct, and very special, ecommerce brands."

Meh

[DarkRookie2]

Shouldn't need an account to browse things. Can't even tell if it is a good idea or not.
All that is in that article are buzz words.

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[RayMarron]

I think everyone understands that in the context of high finance, "cash" means they are paying in liquid currency, rather than credit or shares, and it doesn't refer to actual physical paper money. Except you, apparently. (Or you're just trolling and the joke's on me)

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[astone3]

um, so, you don't know what people mean when we're talking about "buying companies for cash". that's ok. but now maybe you do.

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[kubajz]

Actually, this is exactly what they mean by "cash" - bank balance that was transferred to the former owners of Depop. Before the acquisition, it was not likely cash but rather "cash equivalents", highly liquid investments with insignificant risk of changes in value. But the transaction itself, yes, is done in cash (not "petty cash", though). These are technical expressions used by the finance community.

Same as programmers have their precise language that is foreign to many others, so do finance professiona

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[Demented Otaku]

When you directly contradict someone, it helps if you don't immediately attempt to cite a source that explicitly contradicts what you say.

Companies Buying Companies

[TechyImmigrant]

At least Etsy didn't buy StackOverflow.