Online marketplace eBay is set to acquire consumer-to-consumer (C2C) fashion marketplace Depop from Etsy for approximately $1.2 billion in cash.
The deal is subject to regulatory approval, but is expected to be completed in the second quarter of 2026. It comes just under five years after Etsy acquired Depop for $1.62 billion.
Depop reported gross merchandise sales (GMS) of approximately $1 billion in 2025, including nearly 60% year-on-year growth in the US. As of 31 December 2025, the marketplace had seven million active buyers – nearly 90% of whom are reportedly under the age of 34 – and more than three million active sellers.
Depop has built a platform where anyone can buy, sell, explore and discover second-hand fashion, and the organisation is a major player in the growing recommerce market which is viewed by many observers as a positive alternative to the make, use, dispose model of fast fashion.
Jamie Ianonne, CEO of eBay, remarked: “Depop has built a trusted, social-forward marketplace with strong momentum in the pre-loved fashion category, and we are confident that as part of eBay, Depop will be even more well-positioned for long-term growth, benefiting from our scale, complementary offerings, and operational capabilities.
“A key C2C driver, fashion represents more than $10 billion in annual gross merchandise volume (GMV) for eBay and delivered 10% year-over-year GMV growth in the US in 2025. This acquisition presents an opportunity to advance one of our newest and fastest-growing focus categories with a marketplace that complements our existing presence, and enables us to reach a younger demographic across the expanding recommerce landscape.”
Kruti Patel Goyal, CEO of Etsy, said the transaction allows her business to focus on growing the Etsy marketplace “in ways that matter most to our buyers and sellers”.
“We believe this transaction is a great outcome for Etsy’s shareholders, and a positive next step for all involved,” she added.
“We are proud of what the Depop team has built – a truly differentiated brand and product, grounded in clear purpose and strong community – becoming one of the fastest-growing fashion resale marketplaces in the US. I am confident that Depop is well-positioned for its next phase of growth as part of eBay.”
At the time of the Etsy acquisition of Depop in June 2021, the C2C site reported GMS and revenue of approximately $650 million and $70 million, respectively. At the time, the companies estimated 90% of its active users were under the age of 26. So sales and the core audience’s age have both grown during Etsy’s ownership. Josh Silverman was Etsy CEO in 2021, departing at the end of 2025.
Under eBay’s ownership, Depop will be supported by a suite of additional established services such as financial services, shipping solutions, and authenticity guarantee tools, which are expected to help grow the brand globally.
There is also a plan for eBay to expand the visibility of Depop’s inventory, including through cross-listing opportunities.
Peter Semple, who officially took the CEO role at Depop in July 2025, said: “We’re thrilled to begin this next chapter with eBay, whose experience in the C2C fashion space and shared belief in people, opportunity, and a more sustainable future positions us to meaningfully accelerate our marketplace in the US and beyond.
“This transaction is a testament to the significant growth we have delivered as we have evolved our product experience and strengthened our brand’s place in the world. We’re very grateful to Kruti and the Etsy team for their partnership in advancing Depop’s business and mission to make fashion circular.”
[image credit: Depop/Sook]
