KEY POINTS
  • Etsy is buying secondhand fashion app Depop for $1.62 billion in a deal primarily consisting of cash.
  • Founded in 2011, Depop has attracted mainly younger users thanks to its social media savvy.
  • Etsy CEO Josh Silverman called the start-up the "resale home for Gen Z consumers."

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E-commerce firm Etsy announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion.

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.

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