As announced in February, eBay will pay $1.2 billion to buy C2C fashion marketplace Depop from Etsy. UK regulators just cleared the deal, which is now expected to close on July 30, 2026.
Etsy had paid $1.625 billion for Depop 5 years ago – so sellers may be wondering what eBay can do to find synergies that apparently eluded Etsy (which also sold its music-gear marketplace Reverb last year). eBay may be hoping the answer is eBay Live, where sellers livestream shopping events featuring products in eBay’s focus categories – Collectibles, Luxury, Sneakers, and Apparel.
Depop generated $1 billion in annual gross merchandise sales in 2025, compared to the over $10 billion in gross merchandise volume that eBay’s Fashion category generates annually. According to its website, “Depop is a peer-to-peer circular fashion marketplace where anyone can buy, sell and discover secondhand fashion. Our mission is simple: to make fashion circular by making secondhand as exciting and rewarding as buying new.”
Depop had 4 million active buyers and 2 million active sellers as of 2020, Etsy reported at the time it acquired the site in 2021, with 30 million registered users total across nearly 150 countries.
Depop now has approximately 56.3 million registered users, of which 3 million are active sellers and 7 million are active buyers, 90% of whom are under the age of 34.
In February, eBay CEO Jamie Iannone referred to eBay’s Focus Category strategy and said Depop would benefit from eBay’s scale, complementary offerings, and operational capabilities:
“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. We’re excited to welcome the Depop team to eBay, and look forward to building on what makes them unique – their brand, culture and community – to deliver compelling benefits to buyers and sellers.”
In 2024, eBay had similarly made a major acquisition in another of its focus categories – collectibles – when it acquired Goldin Auctions; it has since enticed collectors to link their eBay accounts to Goldin.
eBay and Etsy will release second-quarter earnings on August 5 (Etsy will delay its conference call with investors until the following morning).
