American ecommerce site Etsy is buying London-based fashion resale app Depop for an impressive $1.63 billion, The New York Times reported, which means that the vintage, handcrafted, and secondhand fashion markets are expecting a major boom in the coming years.
Etsy was founded in Brooklyn in 2005 and has since established itself as the go-to online shopping destination for vintage and handmade goods as well as arts and crafts supplies. In 2015, Etsy went public on the stock market and joined the NASDAQ Composite index, which includes companies like Apple, Tesla, Amazon, and Facebook. Etsy's acquisition of Gen Z fashion app Depop is a bid to connect with younger customers who share Etsy's interest in vintage and secondhand fashion from independent merchants, sellers, and brands. If you're new to the stock market and love using Depop, then Etsy's acquisition could be a great opportunity to invest in stocks that are personally valuable to you ahead of the shopping app going public.