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Online marketplace Etsy announced its intent to acquire London-based fashion marketplace Depop—a favorite among Gen Z consumers—for $1.625 billion.
The deal is expected to close in the third quarter.
Top line
According to a press release, Depop will remain in London and operate as a standalone marketplace run by its existing leadership team.
The ten-year-old ecommerce site, which Etsy noted is “primarily known for its vintage, streetwear, one-of-a-kind and Y2K fashion,” has 30 million registered users in nearly 150 countries.
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