eBay moves to buy Depop for $1.2 billion as resale consolidates

# eBay moves to buy Depop for $1.2 billion as resale consolidates

EBay said it would acquire Depop from Etsy for $1.2 billion, bringing together two of the best-known names in online secondhand commerce. The deal places one of the largest resale marketplaces under the umbrella of another global e-commerce platform and signals how quickly the category has matured from a niche market into a major retail segment.

Depop has built its business around mobile-first, social-led resale, with a strong following among younger shoppers. In the announcement described by Hypebeast, eBay chief executive Jamie Iannone said Depop had developed a trusted marketplace with strong momentum in pre-loved fashion and would be better positioned for long-term growth inside eBay’s larger operating structure. The acquisition, he said, would give Depop access to eBay’s scale, complementary offerings and operational capabilities.

The size of the transaction reflects how valuable resale has become. Hypebeast noted that the $1.2 billion price is close to the $1.3 billion Prada Group paid for Versace, a comparison that places a secondhand platform in the same broad valuation range as a major luxury fashion house. The report also said Depop generated $1 billion in annual gross merchandise sales in 2025, a reminder that the company is no longer a small startup on the edges of the market.

The broader resale sector is also expanding. Hypebeast cited ThredUp’s annual resale report, which projected the global secondhand apparel market would reach $367 billion by 2029. The same report said online resale had its strongest growth rate since 2021 in 2024, accounted for 88% of resale spending, and grew eight times faster than the retail clothing sector overall. Those figures help explain why larger platforms are moving more aggressively into the space.

Depop has carved out a particularly strong position with Gen Z shoppers. According to the report, the platform had 7 million active buyers at the end of December, and 90% were under the age of 34. That demographic profile gives Depop a different value to eBay than a purely transactional marketplace. It gives eBay deeper access to younger consumers who are increasingly comfortable buying pre-owned apparel online and who often discover brands through peer-to-peer or creator-led channels.

The deal also fits a wider pattern of consolidation in resale. Hypebeast pointed to GOAT Group’s 2022 purchase of Grailed as another example of major platforms absorbing competitors. At the same time, brands are experimenting with their own resale channels, including GapVintage and BEAMS’ Digroo platform. That suggests the market is splitting in two directions: bigger marketplaces on one side, and more tightly controlled in-house resale operations on the other.

For now, eBay is making a clear bet on scale. The company appears to believe that secondhand fashion will continue moving from fragmented peer-to-peer selling toward fewer, larger platforms with stronger technical and financial infrastructure. Whether that benefits sellers and shoppers equally will depend on how eBay integrates Depop and how much of Depop’s social identity survives the transition.