eBay Inc. is buying Depop from Etsy Inc. for approximately $1.2 billion in cash, a move that signals just how serious it is about younger shoppers and resale fashion. The deal is expected to close in the second quarter of 2026, pending regulatory approval and other customary conditions.
Depop has been one of the brighter spots in the resale space. In 2025, it generated roughly $1 billion in gross merchandise sales. In the U.S., that figure climbed nearly 60 percent year over year. As of the end of 2025, the platform had 7 million active buyers and more than 3 million active sellers. Nearly 90 percent of those buyers are under 34.
That demographic is not a footnote. It is the strategy.
Jamie Iannone, CEO of eBay, said, “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.” He also pointed out that fashion represents more than $10 billion in annual gross merchandise volume for eBay and delivered 10 percent year-over-year GMV growth in the U.S. 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.”
From Etsy’s perspective, the tone was different. Kruti Patel Goyal, CEO of Etsy, said, “We are excited that this transaction allows us to focus exclusively on the compelling opportunity we see in front of us: to grow the Etsy marketplace in ways that matter most to our buyers and sellers.” She added, “We believe this transaction is a great outcome for Etsy’s shareholders, and a positive next step for all involved.”
Depop CEO Peter Semple framed it as a growth opportunity. “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 U.S. and beyond,” he said. “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.”
eBay says Depop will retain its name, brand, platform, and culture after the deal closes. The company also plans to bring its own scale to the table, including financial services, shipping solutions, and programs such as Authenticity Guarantee. There is also talk of expanding the visibility of Depop inventory, including through cross-listing opportunities that could drive additional global demand.
Etsy, for its part, plans to use the proceeds for general corporate purposes, continued share repurchases, and investment in its core marketplace.
The bigger picture here is recommerce. Younger consumers are comfortable buying and selling secondhand. They treat resale not as a compromise, but as part of their identity. Depop tapped into that early with a mobile-first, community-driven experience that feels closer to social media than a traditional marketplace.
Now eBay wants in deeper.
At $1.2 billion, this is not a small experiment. It is a clear bet that resale fashion and Gen Z engagement will be central to consumer-to-consumer commerce in the years ahead. The real question is whether eBay can scale Depop without dulling what made it popular in the first place.
