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Exhibit 99.1 Etsy to acquire global fashion resale marketplace Depop Advances leadership in community - driven and differentiated marketplaces Extends market opportunity to the large and rapidly growing resale sector serving the Gen Z audience Company hosting investor conference call at 8:30 am ET this morning BROOKLYN , N.Y. , June 2 , 2021 -- Etsy , Inc. ( NASDAQ : ETSY ) , which operates two - sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world , has signed a definitive agreement to acquire Depop , a privately - held , community - led , and purpose - driven marketplace for unique fashion for $ 1.625 billion consisting primarily of cash , 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 . Following the closing of the transaction , currently anticipated to occur during the third quarter of 2021 , Depop will continue to be headquartered in London , England and operate as a standalone marketplace run by its existing leadership team . 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 . Depop's 2020 gross merchandise sales ( GMS ) and revenue were approximately $ 650 million and $ 70 million , respectively , each increasing over 100 % year - over - year . Depop's GMS grew at a compounded annual growth rate of nearly 80 % from 2017-2020 . Etsy believes Depop has a highly differentiated position in the fast - growing resale space : • Approximately 90 % of Depop's active users are under the age of 26 ; and young consumers are adopting second - hand fashion faster than any other audience ; According to Depop's monthly brand awareness surveys , it has high prompted awareness for the Gen Z demographic within the resale sector ; Depop is the 10th most visited shopping site among Gen Z consumers in the U.S. Josh Silverman , Etsy , Inc. CEO , commented , " We are simply thrilled to be adding Depop - what we believe to be the resale home for Gen Z consumers - to the Etsy family . 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 . Depop's world - class management team and employees have done a fantastic job nurturing this community and driving organic , authentic growth in a way that aligns well with Etsy's DNA and mission of Keeping Commerce Human . 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 . " The second - hand market is projected to grow at a 39 % CAGR from 2019-2024 in the United States , reaching $ 64 billion , and to grow to twice the size of fast fashion on a global basis.¹ Starting first in the U.K. and moving into the U.S. and Australia , Depop now has a community of approximately 30 million registered users across nearly 150 countries . 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 . Depop significantly grows Etsy's GMS in the apparel sector , which was - $ 1 billion in 2020 . Depop is primarily known for its vintage , streetwear , one - of - a - kind and Y2K ( late 1990s / early 2000s ) fashion . Compelling Strategic Rationale This transaction is an ideal fit with Etsy's marketplace M & A criteria : Etsy's Marketplace M & A Criteria • Aligns with Etsy mission , strategy and values : Depop is an ideal fit Depop shares Etsy's DNA , with a parallel growth strategy that highlights sellers ' unique merchandise by improving search and discovery , driving human connections , and building marketplace trust . Expands our TAM in a large and fast - growing market , category or Depop is expected to extend Etsy's market opportunity in the high frequency geography : • Market leadership , with authentic , organic brand traction : • Shares our two - sided marketplace business model : Well positioned to benefit from Etsy's expertise to accelerate growth and value creation : apparel sector , specifically in the fast - growing resale space . Depop deepens our reach into the Gen Z consumer , with differentiated brand strength , strong user engagement and unit economics . Depop is a peer - to - peer marketplace with similar capital - light operating model and financial characteristics . Depop is an early - stage business that we believe can leverage our proven value creation roadmap to drive further growth and profitability . 1 All Retail and resale data and forecasts above were sourced from Wall Street research . 1