Adds particulars
June 2 (Reuters) – Etsy Inc ETSY.O mentioned on Wednesday it could purchase Gen-Z centered trend reseller Depop for $1.63 billion, as the net vendor seems to draw youthful consumers.
Extra younger customers are transferring towards second-hand trend choices, aware of the atmosphere and carbon footprint of the clothes business.
The second-hand market is projected to develop at a 39% compound annual progress charge from 2019 to 2024 in the US, reaching $64 billion, and to develop to twice the scale of quick trend on a world foundation, Etsy mentioned.
Depop, an internet market that enables folks to purchase and promote new or second-hand attire, primarily has customers below the age of 26 and is the 10th most visited procuring website amongst Gen-Z customers in the US, Etsy mentioned.
The deal, which Etsy mentioned can be funded by way of obtainable liquidity, is predicted to shut through the third quarter of 2021.
(Reporting by Nivedita Balu in Bengaluru; Modifying by Vinay Dwivedi)
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