The company emphasized that the acquisition will strengthen its presence among representatives of Generation Z – this category of users is the basis of Depop’s audience, writes LBC.
According to the parties, at the end of last year the service had about 7 million active customers, with almost 90% of them under 34 years old.
Depop was founded in London in 2011 and in recent years has significantly strengthened its position, thanks to the trend toward sustainable consumption and the growing interest in second hand. The business has been particularly active in the US: sales in this market increased by almost 60% over the last year.
The transaction is expected to close in the second quarter. After the integration is completed, Depop will retain its own name, brand, platform and corporate culture, continuing to operate as an independent business within eBay.
eBay CEO Jamie Ianonne noted that the Depop platform has been able to create a sought-after community with a strong social component and significant potential in the C2C fashion segment. According to him, the merger of resources will accelerate the international development of the service.
Depop CEO Peter Semple emphasized that cooperation with eBay opens up new prospects for scaling the business, especially in the U.S., and will allow for faster implementation of the sustainable growth strategy.
