Depop reselling is unethical, not because reselling is unethical in general, but because of how it's done. As covered, Vinted connects 21 million users worldwide, operating in 15 countries. Decide your price. Kasera has had a long career in personal finance having spent over 5 years working as a financial advisor directly with CEOs, business owners, and entrepreneurs. Available everywhere. Algeria. With its app available on iOS and Android, Depop promises to be an online shopping site for most items, including designer, preloved, vintage, sneakers, and streetwear. Both apps also make it very easy to post your items. Get the item and o rate your experience with the seller. Type Subsidiary . Pay for the item, tell the seller where to ship it, and pay for it. The app has over 10 million users and is available in over 100 countries. trend cycle continues to quicken, posing a challenge for fashion brand marketers seeking to connect with younger consumers. Aria says it's because Depop is about people, not just about the item being sold "We're not just a platform for people to buy and sell. The network currently has more than 15 million users in 147 countries, skewed heavily towards those aged under 26, with plans to expand across Europe and Asia. Depop is a website and mobile app available in over 150 countries with over 26 million active users. Depop is headquartered in London, England and Los Angeles, California. To some degree, we have a closer relationship with Gen Z than almost any other institution in the world at scale, says Depop chief brand officer Peter Semple. Depop is powered by young influencers like 20-year-old Moira Campos who is one of Depop's top sellers. Unfortunately, Depop doesnt ship directly to Europe. Depop also requires sellers to make their offers look more professional, which is why it's better suited for small businesses. These risks and uncertainties include, among others, the possibility that the conditions to the closing of the acquisition of Depop may not be satisfied or waived or that other events may cause the acquisition to not be completed, the potential impact to the business of Depop or Depop's relationships with its marketplace community due to the announcement of the acquisition, Etsy's ability to successfully integrate the acquisition and execute on its business plan and 'house of brands' operating model, and general economic conditions, many of which are beyond Etsy's control, and other risks and uncertainties that are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and subsequent reports that we file with the Securities and Exchange Commission. In addition, Etsy, Inc. owns Reverb, a leading global online marketplace dedicated to buying and selling new, used, and vintage musical instruments. Generation Z, which spans consumers aged 7 to 25, will make up 40 per cent of the luxury market by 2035, according to consultancy Bain & Company, which has collaborated with Depop on the report. Otherwise, all transactions made in the app are protected, so it should be safe to sell on Depop. Sellers who live in countries where depop is not popular wouldn't be able to sell anything if they couldn't do it. Forward-looking statements include statements related to our potential addressable market,the potential benefits of the acquisition of Depop, expected impact of the acquisition of Depop on Etsy's future financial performance and the potential impact on Etsy's consolidated financial results, the anticipated timing of the closing of the acquisition of Depop, the anticipated impact of applying Etsy's expertise to Depop's business and the potential of Depop's business. It's a bit more buyer-friendly, encouraging users to make quick transactions and enabling them that by intuitive and straightforward service. [12] It is the 10th most-visited shopping platform for Gen Z consumers in the US,[18] and, in a poll conducted by The Strategist in 2019, Depop was voted by teenagers as their favorite resale website. $1 Billion made by the Depop community to date. Bank of America reveals the winning market share gainers with more room to run, Goldman Sachs upgrades this internet of things stock which it sees surging 60%, JPMorgan upgrades Procter & Gamble, says consumer staples stock could be an earnings compounder. To receive the Vogue Business newsletter, sign up here. As said, when selling at Vinted, a buyer covers all transaction-related fees, including shipping costs. In the post-pandemic era, music and entertainment experiences that go beyond buying and selling will be much-needed by Gen Z, he says. Vintage, streetwear, one-of-a-kind, Y2K are the biggest styles on Depop. Vinted is more transactional. As of March 31, 2021, Etsy had approximately $2.0 billion in total liquidity consisting of $1.8B in cash, cash equivalents and short and long term investments on its balance sheet and an undrawn $200 million revolving credit facility. . Investor Relations Contact: Etsy, Deb Wasser, Vice President, Investor Relations and ESG Engagement: dwasser@etsy.comor Etsy, Gabe Ratcliff, Director, Investor Relations: gratcliff@etsy.com, Media Relations Contact:Etsy, Kelly Clausen, Senior Director, Corporate Communications: press@etsy.com, Cautionary Statement Regarding Forward-Looking Statements. Its a fairly common question we often see asked, and the answer isnt all that clear. Instead, the app uses an escrow service that holds the money in your Vinted wallet until the buyer gets and accepts the item. Once you make a sale, Depop will send the money to the PayPal account that youve already linked to your account. Bahrain. It is largely targeted at Gen Z shoppers Expands our TAM in a large and fast-growing market, Well positioned to benefit from Etsy's expertise to, http://www.prnewswire.com/news-releases/etsy-to-acquire-global-fashion-resale-marketplace-depop-301303695.html. Please create an employee account to be able to mark statistics as favorites. A 2020 Hulu study found 75 per cent of Gen Z respondents rejected easy categorisation of their race, gender or sexuality, while 60 per cent felt their identity was linked to a broad mix of factors, including race, culture and language. <br><br>In the year between finishing my undergraduate degree and beginning my postgraduate studies, I completed as many contract internship . If you have several packages, MyUS can bundle the packages into one order. Depop - buy, sell, discover unique fashion Log in Menswear Womenswear Jewellery Beauty More Brands Top searches Find your style Shop the biggest brands you know and love. Well positioned to benefit from Etsy's expertise to accelerate growth and value creation: Depop is an early-stage business that we believe can leverage our proven value creation roadmap to drive further growth and profitability. Depop is the community-powered fashion marketplace to buy and sell unique fashion, with over 30 million registered users in more than 150 countries. Depop | Buy & Sell Clothing on the App Store This app is available only on the App Store for iPhone. [5] Depop expanded and opened additional offices in Milan and New York City. As Depop, which has 219 employees, struggles to police millions of users across multiple continents, the start-up is reckoning with dangers facing its young users that have plagued the internet since the early 1990s. ", Airnow, Monthly active users (MAU) of the Depop app in the United Kingdom (UK) from January 2018 to October 2021 (in millions) Statista, https://www.statista.com/statistics/1122928/depop-monthly-active-users-uk/ (last visited March 04, 2023), Monthly active users (MAU) of the Depop app in the United Kingdom (UK) from January 2018 to October 2021 (in millions) [Graph], Airnow, November 8, 2021. Depop is a peer-to-peer social shopping app based in London that first launched in 2011. To download the Depop mobile app, go to Google Play and click download. Having a rating of 1.7 on Reviews.io, 3.3 on Trustpilot, and 1.7 on Sitejabber, the website has attracted both positive and negative reviews. Gen Z fluidity extends to the mix of digital and physical experiences, with physical still considered very important even for a generation of digital natives. It's nothing else than a standard return policy where buyers can return items that might be damaged, missing, or cancelled. Press question mark to learn the rest of the keyboard shortcuts. Following the close of this transaction, Etsy Inc. will operate three highly differentiated, non-commoditized and loved ecommerce brands: Etsy, Reverb, and Depop. The Depop social shopping app blends the aesthetic and social aspects of Instagram with the buy-and-sell format of eBay. How to sell. Depop promises not to share your details with third parties. With 4 million active buyers and 2 million active sellers in 2020, we believe Depop's cohort behavior is particularly impressive: for example, in 2020, 75% of GMS was from existing cohorts; ~75% of sellers were also buyers; and, on average, sellers sold approximately 10 items and buyers bought approximately 6 items. Goldman Sachs & Co. LLC served as exclusive financial advisor to Etsy, Deloitte as due diligence advisors, and Fenwick & West LLP and Allen & Overy LLP served as Etsy's legal advisors. We love Depop's rapidly growing GMS and loyal and engaged customer base, excellent user engagement and unit economics, opportunities to expand value added seller services, clear path for geographic expansion, and highly scalable, 'capital light' operating model. Whatever you're into, find the item and the seller for you on Depop. However, we have a pretty simple solution that gets around this restriction. Depop is a place for anyone to discover and celebrate their style on their own terms, and to feel good about their fashion choices by extending the lives of millions of garments. hi! Depop is a place for anyone to discover and celebrate their style on their own terms, and to feel good about their fashion choices by extending the lives of millions of garments. The mission of my brand is to represent the underrepresented, says Depop seller Tom Evans (@areaeighteen). Ticker: ETSY. In, Airnow. It really makes us think about, how do we serve these journeys? Press J to jump to the feed. Market leadership, with authentic, organic brand traction: Depop deepens our reach into the Gen Z consumer, with differentiated brand strength, strong user engagement and unit economics. Otherwise, all transactions made in the app are protected, so it should be safe to sell on Depop. Depop is a reliable website that allows you to buy and sell items. Sellers and users weigh in on the debate", "Everyone's Favorite Thrifting App Favors Thin White Models", https://en.wikipedia.org/w/index.php?title=Depop&oldid=1141140101, Online marketplaces of the United Kingdom, Articles lacking reliable references from September 2021, Articles with unsourced statements from August 2022, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 23 February 2023, at 15:28. [13], Most of the items sold on Depop are used, vintage, and repurposed pieces of clothing. . . GET SERVICE INSTANTLY . "We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous 'house of brands' portfolio of individually distinct, and very special, ecommerce brands. uniexpressgt.com participates in various affiliate programs, and we sometimes get a commission through purchases made through our links. Hadiyah Hussain is studying at Central Saint Martins in London alongside her Depop career. This partly refers to self-identity. Vinted operate differently, with money not being transferred to your account immediately after the purchase. The company will send a six-digit code that you can use to verify your account. Gen Z, the next wave of luxury consumers, are a fluid generation who crave flexibility and think secondhand clothes are cool, according to new research by Depop, produced in collaboration with consultancy Bain. On the other hand, Depop sellers can absorb the postage cost by hiding it in the item's price as free shipping. We want to hear from you. Its important to have cultural fluidity, she says. Etsy CEO Josh Silverman said the company was "thrilled" to be adding what it believes to bethe"resale home for Gen Z consumers" to Etsy. Launched in Lithuania in 2008, Vinted quickly expanded to 10 more countries, becoming an instant success among clothes reselling apps. A DJ performs at the launch of social shopping app Depop's 3-month pop-up at Selfridges on August 01, 2019 in London, England. And forget all about contacting their support. You need a Statista Account for unlimited access. It must've been cuz I mentioned the BBB. Using a Vinted or Depop app, users can sell, buy, or exchange their used clothes. Depop is designed for sellers who want to sell items such as clothing, shoes, clothes, vintage clothes and items, and cheap streetwear. As in most cases, it depends. We see significant opportunities for shared expertise and growth synergies across what will now be a tremendous 'house of brands' portfolio of individually distinct, and very special, ecommerce brands.". A lot of people in my generation have that set-up income from a few little baskets, he says. Chart. Sign up for free newsletters and get more CNBC delivered to your inbox. Place your item in a box or shipping envelope, available at office supply stores or the post office. [7] Depop was the official app sponsor of the 2016 Vans Warped Tour. To minimize the likelihood of being scammed, you should only make a transaction through the app and not offline or off the platform. 2023 CNBC LLC. The deal marks the biggest acquisition yet for Etsy, which went public on the New York Stock Exchange in 2015. I think because a lot of my customers come from communities where fashion hadnt really considered them, they kind of gravitate to everything, he says.