Depop, Gen Z’s favourite clothing resale app, is being acquired by e-commerce site Etsy for $1.6 billion USD. The purchase, which was announced on June 2, is indicative of just how much the secondhand fashion industry has boomed in recent years. Here’s what to know about the purchase and what it means for the fashion resale industry.
What is Depop?
Depop is a U.K.-based clothing resale app that allows users to buy and sell pre-loved clothing through its online marketplace. Founded in 2011, the e-commerce site has become a hotspot for mostly Gen Z consumers who want to find special pieces without breaking the bank. Depop — which has about 30 million registered users — allows shoppers to experiment with their personal styles while accessing secondhand designer clothes at often discounted prices. It is a popular alternative to fast-fashion and luxury fashion, and has experienced a surge in usage over … Read the rest