By Colin Kellaher
Etsy Inc. Wednesday mentioned it agreed to purchase Depop, a privately held style market, for $1.625 billion, consisting primarily of money.
Etsy, a Brooklyn, N.Y., on-line market, mentioned Depop’s gross merchandise gross sales and income each greater than doubled final 12 months, to about $650 million and $70 million, respectively.
London-based Depop, based in 2011, has a group of roughly 30 million registered customers throughout almost 150 international locations, with 4 million lively consumers and a couple of million lively sellers in 2020, Etsy mentioned.
The corporate, which had $1.8 billion in money, equivalents and investments on its stability sheet and an undrawn $200 million revolving credit score facility as of March 31, mentioned it has enough obtainable liquidity to fund the acquisition, which it expects to finish within the third quarter.
Etsy mentioned Depop will stay based mostly in London and can proceed to function as a standalone market, becoming a member of its Etsy and Reverb manufacturers.
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