Etsy is buying social shopping app Depop for $1.6 billion, hoping to woo Gen Z shoppers

• Etsy is acquiring Depop for $1.625 billion.
• Depop, which launched in 2011, is a social shopping app that has been $4 as a mix of $4 and $4
• It is targeted at Gen Z shoppers.

The online marketplace Etsy is spending $1.6 billion to buy Depop, the social shopping app targeted at $4 shoppers.

Depop has been $4 as a mix of $4 and $4. It offers users an easy way to buy and sell a mix of secondhand items including vintage clothing, limited-edition sneakers, or accessories via its app.

The company launched in 2011, and has grown rapidly over the past few years, as hordes of young consumers $4. Some have pulled in $4 of dollars a year selling on the app, and it now has 30 million registered users in more than 150 countries.

Announcing the news early $4, Etsy described Depop as the "resale home for Gen Z consumers."

"Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale," Etsy CEO Josh Silverman said in a statement $4.

According to Depop, around 90% of its users are under the age of 26. It's also the 10th most visited shopping site among Gen-Z consumers in the US, it said.

Etsy now has the opportunity to tap into this consumer base in a bigger way and learn more about how the next generation of consumers shop.