eBay is buying clothing resale platform Depop from Etsy for $1.7 billion (US$1.2 billion) in cash. Depop will continue operating as a separate brand with its existing platform intact.
The math: Etsy acquired Depop in 2021 for US$1.6 billion (AU$2.27 billion). Three years later, they are selling it to eBay for US$1.2 billion. That is a 25% haircut on the original price in USD terms.
The Numbers
Depop currently has 7 million buyers, with 90% under age 34. The platform has 3 million active sellers who generated US$1 billion (AU$1.42 billion) in gross merchandise sales in 2025. Worth noting: those are GMV figures, not revenue.
Founded in 2011, Depop hit 1 million users in its first year and now operates across 150 countries with 56 million registered users. The company employs 500 people across London and New York offices.
What This Means
eBay CEO Jamie Iannone says the acquisition strengthens their position in pre-loved fashion and attracts younger buyers. The Gen-Z focus is clear: approximately 90% of Depop's active users are under 26.
For sellers on the platform, including Australian small businesses and influencers selling vintage clothing, the ownership change could bring access to eBay's operational infrastructure and scale. Depop maintains its own brand and platform, so immediate changes to seller experience are unlikely.
ANZ Context
Depop has become a significant channel for Australian secondhand fashion sellers, particularly those targeting younger demographics. The platform's social-first approach (combining Instagram aesthetics with marketplace functionality) differentiates it from traditional resale channels.
The acquisition positions eBay to compete more directly in the circular fashion market, where sustainability messaging resonates with Gen-Z consumers. Whether this translates to meaningful growth for Australian sellers depends on how eBay integrates Depop's operations without diluting what made the platform work in the first place.