Shares our two-sided marketplace business model: Depop is a peer-to-peer marketplace with similar capital-light operating model and financial characteristics. [bettersourceneeded], In June 2019, Depop raised $62 million in Series C from General Atlantic to fund its expansion. But let's talk about differences. "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," Silverman said in a statement Wednesday. Ticker: ETSY. Etsy is buying secondhand fashion app Depop for $1.62 billion in a deal primarily consisting of cash. ", Etsy said the transaction consisted primarily of cash and was "subject to certain adjustments for Depop's working capital, transaction expenses, cash and indebtedness, and certain deferred and unvested equity for Depop management and employees.". In interviews with nearly a dozen Depop users, BoF heard numerous reports of women being inundated with sexual messages. While Decluttr focuses on selling media stuff such as used tech and media such as CDs, DVDs, and Blu-rays, Depops primary focus is selling clothing, shoes, and other items. Etsy expects to share more information in conjunction with its second quarter 2021 financial results. Etsy CEO on how $1.6 billion deal for Depop could help the company grow. Decluttr is an online app that allows you to sell your used media. Discover unique fashion. What are the Other Ways to Make Money on Depop? 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. A sub for discussing all things Depop. You can change the interval in the system settings. It provides a mobile marketplace that enables individuals to buy and sell their items on iOS and Android platforms. To minimize the likelihood of being scammed, you should only make a transaction through the app and not offline or off the platform. Overview. Sign up to our newsletter for a truly global perspective on the fashion industry. Why do we think MyUS is the best? The number of app users in the United Kingdom went from. In 2020, Depops gross merchandise sales and revenue increased to $650 million and $70 million, respectively. These risks and uncertainties include: (1) the level of demand for our services or products sold in our marketplaces and our ability to support our recent growth; (2) the importance to our success of the trustworthiness of our marketplaces and our ability to attract and retain active and engaged communities of buyers and sellers; (3) risks related to the COVID-19 pandemic; (4) the fluctuation of our quarterly operating results; (5) our failure to meet our publicly announced guidance or other expectations; (6) if we or our third-party providers are unable to protect against technology vulnerabilities, service interruptions, security breaches, or other cyber incidents; (7) our dependence on continued and unimpeded access to third-party services, platforms, and infrastructure; (8) macroeconomic events that are outside of our control; (9) operational and compliance risks related to our payments systems; (10) our ability to recruit and retain employees; (11) our ability to compete effectively; (12) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of sellers and buyers; (13) our ability to demonstrate progress against our environmental, social, and governance Impact strategy; (14) our efforts to expand internationally; (15) our ability to successfully integrate and receive the expected benefits from the Depop and Elo7 acquisitions; (16) acquisitions that may prove unsuccessful or divert management attention; (17) regulation in the area of privacy and protection of user data; and (18) litigation and regulatory matters, including intellectual property claims. Y, 2019. <u>Company Description</u><br><br>Depop is the community-powered fashion marketplace to buy and sell unique fashion, with over 30 million registered users in more than 150 countries. 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. This is a fluid generation defying categorisation in every sense, Levato says. The deal marks the biggest acquisition yet for Etsy, which went public on the New York Stock Exchange in 2015. E-commerce firm Etsy announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion. And forget all about contacting their support. Place your item in a box or shipping envelope, available at office supply stores or the post office. Chart. ". Depop is a peer-to-peer social shopping app. SourceForge ranks the best alternatives to Depop in 2022. The mission of my brand is to represent the underrepresented, says Depop seller Tom Evans (@areaeighteen). With roughly 30 million registered users across nearly 150 countries,.  In June 2021, Etsy announced it would acquire Depop for $1.6 billion in cash, making it Etsy's most expensive acquisition, but that Depop would continue operate as a standalone brand independent from Etsy. To answer that, we must take a closer look at the two. Do NOT buy from GB via Depop if you live in the EU. Swappa also focuses on used electronics compared to Depop, which deals in clothing, shoes, and other streetwear. If you think about selling your old clothes online, two reselling apps immediately spring to mind - Vinted and Depop. However, while the idea behind the two is similar, there are some key differences between Vinted and Depop. It's a bit more buyer-friendly, encouraging users to make quick transactions and enabling them that by intuitive and straightforward service. 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. ", "Is Depop being gentrified? Depop is a legitimate app that allows sellers and buyers to trade their items hence not a scam. Thats now the slogan of the brand I work with a lot of queer people, its just kind of asking them how they want to show up in the world. Describe what you're selling. In light of such risks, readers are cautioned not to place undue reliance on such forward-looking statements. The site . Depop is a place for anyone to discover and . That presents a challenge for Depop. Vintage, streetwear, one-of-a-kind, Y2K are the biggest styles on Depop. 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. Founded in the U.K. in 2011, Depop lets people buy and sell used clothes through its online marketplace. 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. 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. It incorporates fewer categories and focuses more on a buyer experience, allowing users to make offers faster. Founded in 2011, Depop is a community-powered marketplace to buy and sell unique fashion, with a mission to build the world's most diverse and progressive home of fashion. And it doesn't look like there's a way to list items from a computer. Over half of respondents said they buy secondhand to find one of a kind pieces, while 45 per cent use it to tap into trends. Depop's beginnings were also relatively humble. 16.6M+ items are available for sale on Depop. Vinted and Depop have different payment policies. Founded in 2011, Depop has attracted mainly younger users thanks to its social media savvy. Depop profit calculator - Calculate your Depop and Paypal fees, shipping amount, taxes, revenue and profits for every product you sell on your Depop store. 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. Sure, both platforms offer similar services, but their approach is different. Weve been a long time customer of MyUS, and weve never had any issues with their service. However, we have a pretty simple solution that gets around this restriction. The default refresh interval is a random number between 1 and 3 seconds. Dont worry, youre not going to need to splash out on a property, there is a much cheaper solution. Prior to agreeing a sale to Etsy, Depop had raised a total of $105.6 million from investors including General Atlantic, Creandum, Balderton Capital, Octopus Ventures and Klarna CEO and co-founder Sebastian Siemiatkowski, according to data from Crunchbase. In an age of financial uncertainty, young people are taking finances into their own hands. It caters to a variety of different fashion pieces such as designer, vintage, and streetwear. Both apps implement slightly different structures, with Depop having a more 'social' feel, with buyers scrolling through listings like they were using Instagram or Facebook. Email us at firstname.lastname@example.org. In 2021, Depop was acquired by Etsy for $1.6 billion. For Semple, physical events remain hugely relevant. Its a fairly common question we often see asked, and the answer isnt all that clear. ThredUP currently ships to the United States and Canada, with no current plans to expand to additional countries at this time. Otherwise, all transactions made in the app are protected, so it should be safe to sell on Depop. It allows users to buy and sell items, most of which are used and vintage pieces of clothing. Available everywhere. You then use this address for your deliveries, and theyll automatically forward them to your home country. Depop was founded in 2011 by entrepreneur Simon BeckermanDepop is a buy and sell app that allows you to sell items. Ship. Its because theyre reliable, dont charge a bunch of taxes, and offer affordable rates. Depop, for example, charges its sellers 10% of each sale plus the possible PayPal fee for one's country. While some users complained of poor customer service, Depop can help you make extra money online. That way youll receive all of your items together instead of one at a time. Also, while Vinted focuses mainly on the European market, Depop is much more popular in the United States. Does the Depop online store ship items overseas to Europe? Whether they find something online and then go to an in-store event, Gen Z want complete fluidity between the physical and digital world of brands, even if they interact with the brand through a third-party retailer, says Bains Federica Levato. Depop is an online hub where people buy and sell used clothing, vintage shoes, and accessories, and the hub is disrupting the global retail industry. Its sustainability plan is built around the UN's Global Goals, the 17 objectives designed to tackle the systemic causes of extreme poverty, including the climate crisis and inequity. Its not so long ago that many people wouldnt have thought of themselves as potential resellers, he says. When it comes to newness, this generation has a new lens through which they see new.. Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. Find what you are looking for, negotiate with the seller through the apps inbuilt messenger. The freight forwarder accepts the package on your behalf. They come to Depop for the clothes, but stay for the culture. Popular sellers on the platform often go on to become social media influencers. You simply register an account with a Freight Forwarder, and theyll provide you with a U.S. based address. 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. Type Subsidiary . Here in the United States, it doesn't. Depop allows its sellers to include rules buyers can see when scrolling through their posts. While no seller likes to pay fees, they are integral to online selling.  Depop users are also encouraged by the platform to use other social networking services such as Instagram to promote their shop profiles. Credit Suisse served as exclusive financial advisor to Depop and Weil, Gotshal & Manges LLP served as its legal advisor. Posting and selling using the platform are completely free, and the buyer pays the fees associated with the sale. This partly refers to self-identity. Monthly active users (MAU) of the Depop app in the United Kingdom (UK) from January 2018 to October 2021 (in millions) [Graph]. Ebay has a working international search so sellers aren't forced to do it, on depop you have to change your location manually to see listings from other countries. These are called 'Shop Policies,' stating whether you accept returns as a seller. Since Depop works more like a social network platform, it allows sellers to reach more users with their listings. Enter your email to receive editorial updates, special offers and breaking news alerts from Vogue Business. Forward-looking statements include statements relating to our financial guidance for the first quarter of 2023 and key factors impacting our guidance; the impact of our Right to Win and other growth strategies, including our strategies for integrating our House of Brands marketplaces, marketing and product initiatives, and investments and other levers of growth on our business and operating results, including future gross merchandise sales (GMS) and revenue growth; our ability to attract, engage, and retain buyers and sellers; the global macroeconomic uncertainty and volatility, including inflation and rising interest rates; the status and impact of the macroeconomic headwinds and tailwinds, including additional or unforeseen impacts that COVID-19 and general market, political, economic, and business conditions may have on our business, strategy, operating results, key metrics, financial condition, profitability, and cash flows; our opportunity to reach new buyers; and uncertainty regarding and changes in overall levels of consumer spending and e-commerce generally. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. hi! As a part of our mission to expand the joy and community of gaming to every player in the world, we're excited to announce we're bringing a preview of PC Game Pass to 40 new countries for the first time ever, comprising: Albania.  Depop was the official app sponsor of the 2016 Vans Warped Tour. Depop, on the other hand, is a better choice for a small business. On this Wikipedia the language links are at the top of the page across from the article title. Airnow. 2023 CNBC LLC.  The platform has also been criticized by its users for picking predominantly thin models wearing straight size clothing to showcase on its Explore page, which some have described as sizeist.. Here are some vital facts and figures about how Depop works today. One user even commented that they were able to receive payments fast. Our community is made up of people who are creating a new fashion system by establishing new trends and making new from old. $1 Billion made by the Depop community to date. Learn more about how Statista can support your business. You can also move the money to your bank account once its transferred to PayPal. DollarBreak is reader-supported, when you sign up through links on this post, we may receive compensation. To receive packages from the United States, youre going to need to have an address based there. Sign up for free newsletters and get more CNBC delivered to your inbox. Depop users who opt for using Royal Mail are penalised by being forced to pay Depop sales fees out of pocket and wait up to one month to receive their earnings. From crypto to clothes: Why Gen Z are investors now, From Essentials to Adidas: Whats next for Fear of God. Depop is expected to be accretive to Etsy's top line growth rate and modestly dilutive to Etsy's adjusted EBITDA margin. Depop promises not to share your details with third parties. When expanded it provides a list of search options that will switch the search inputs to match the current selection. $5+ thereafter, Sell computers, home tech, cameras, phones, watches, laptops and tablets, Sell your item directly to buyer and get paid the next day via PayPal, 180+ million buyers, easy listings and sell directly from the smartphone, List up to 200 items for free every month, and only pay when they sell, Global brand trust and seller protections in place from buyers scams. Unfortunately, some users complained that the platform would hold your money for a long time before closing your accounts. Create an account to follow your favorite communities and start taking part in conversations.  Its headquarters were moved to London in 2012. Phones,laptops,wearables,Tablets,video games, Electronic, fashion,health, and beauty products, No limit to the type of products you can sell. Sellers who live in countries where depop is not popular wouldn't be able to sell anything if they couldn't do it. So, when you want to order restricted items from the Depop store, you simply enter the address MyUS provided and get your packages shipped there. Decide your price. This button displays the currently selected search type. If you are an admin, please authenticate by logging in again. Algeria. November 8, 2021. That said, you can expect to ship your items at lower prices when using Vinted. The first difference is the market available. The company, founded by Simon Beckerman in 2011, is headquartered in London, with offices in Manchester, New York, Los Angeles and Sydney, with approximately 400 employees dedicated to its mission of building the world's most diverse progressive home of fashion, that's kinder on the planet and kinder to people. Register in seconds and access exclusive features. Founded in the U.K. in 2011, Depop lets people buy and sell used clothes through. You need at least a Starter Account to use this feature. This extends to how these generations view life and society, but also fashion. Our company was founded in 2005 and is headquartered in Brooklyn, New York. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. Who we are. Skepta Nike Air Max Plus, SK Air Blue Tailwind Size: UK 8.5 Condition / info: 10/10 Condition, Worn A Handful Of Times perfect condition PLEASE READ International Shipping is available for all countries UK 48 Tracked Royal Mail Shipping to all UK orders Items are shipped within 48 hours Guaranteed All of our items are second hand unless stated otherwise. Therefore, as a seller on Vinted, the buyers will expect you to offer a lower price for your products, as they are the ones covering all the fees. Depop is the community-powered marketplace app where people exploring style and the latest trends come to shop and sell circular fashion. While some users complained of poor customer service, Depop can help you make extra money online. Essentially, youll be able to get any item from the Depop store shipped to Europe, all for a crazy low price. We're excited to build a 'house of brands' where the whole is greater than the sum of its parts.". OpenAI explain why some countries are excluded from ChatGPT Download PDF. Depop, a social shopping platform based in the United Kingdom, has been experiencing a reduction in monthly app downloads. Get paid fast when your item sells. Depop also requires sellers to make their offers look more professional, which is why it's better suited for small businesses. Click here to view 60+ Websites to Sell Stuff. The vintage items are also great since fashion often brings back past trends from time to time. It is largely targeted at Gen Z shoppers 147. With 4 million active buyers and 2 million . The company was founded in 2011 and is headquartered in London . On the other hand, Depop sellers can absorb the postage cost by hiding it in the item's price as free shipping. Please create an employee account to be able to mark statistics as favorites. You can then. Those interested in submitting questions during the conference call can do so by using the Q&A chat window, which will be available during the webcast. , Depop is a social e-commerce platform where users can buy and resell their items. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. To minimize the likelihood of being scammed, you should only make a transaction through the app and not offline or off the platform.  Most active users of Depop are located in the United Kingdom, Australia, United States and Italy. How do we make sure we have the right tools for you if you want to effectively be a casual seller (of which there are many more than there were one year ago). You can use it to browse listings by your neighbours and local shops with a surplus of food or other products. The company is headquartered in London, with offices in Manchester, New York, Los Angeles and Sydney. Compare features, ratings, user reviews, pricing, and more from Depop competitors and alternatives in order to make an informed decision for your business. 6) The app must also have an express courier function, home collection/delivery, users can do everything without leaving home. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make.