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They come to Depop for the clothes, but stay for the culture. But why Depop? Access to this and all other statistics on 80,000 topics from, Show sources information Discover unique fashion. my buyer. ", Depop's CEOMaria Ragasaid in a statement that Depop is "where the next generation comes to explore unique fashion and be part of a community that's changing the way we shop. Depop is not available in some countries from summer (I cant remember exact month when this happened). But their interest in secondhand clothes also has significance beyond save-the-planet instincts. The app is also meant for buyers looking for items they can buy. Previous investors HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, TempoCap and Sebastian Siemiatkowski also participated. As in most cases, it depends. Take a picture of the item, describe it, set a price for it, and post. "Australia is Depop's third largest market. The Depop plan sets out a series of targets to hit by the end of 2021. 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. [6] Beckerman raised 1 million in funding in October 2013 from Red Circle Investment and brought on Faroese Runar Reistrup as new CEO. To minimize the likelihood of being scammed, you should only make a transaction through the app and not offline or off the platform. Y, 2019. 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. Many sellers model the clothes they sell themselves. To receive the Vogue Business newsletter, sign up here. Place your item in a box or shipping envelope, available at office supply stores or the post office. Up to 140,000 new listings every day. It's easy to get started - just create an account to start selling. The website was launched in 2011 as a social network for PIG magazine readers wanting to buy featured items. Shop now Sell your way You need at least a Starter Account to use this feature. 90% of Depop's active users are under the age of 26.Depop. Secondhand may be sustainable but its also cool. How to Deliver Items from the Depop Online Store to Europe 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. However, while the idea behind the two is similar, there are some key differences between Vinted and Depop. Which one is better, though? 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. 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. [14] Users can also follow other sellers, whose posts will appear in their feeds. Comments, questions or feedback? , Aug 2, 2022 London-based social shopping platform app Depop was highly benefited by the e-commerce boom during the COVID-19 pandemic. Please do not hesitate to contact me. --Etsy, Inc., 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. Prices for clothing range from $3-$15. Depop is the marketplace where you can explore your style. In some cases, forward-looking statements can be identified by terms such as anticipate, believe, could, enable, estimate, expect, goal, intend, may, outlook, plan, potential, target, will, or similar expressions and derivative forms and/or the negatives of those words. Launched in Lithuania in 2008, Vinted quickly expanded to 10 more countries, becoming an instant success among clothes reselling apps. Selling on Depop and Vinted looks pretty similar, requiring sellers to engage in increasing sales. Also, as a Depop seller, you're responsible for contacting a buyer when something's wrong with the order. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. As for Vinted, they have a buyer's protection feature. The number of app users in the United Kingdom went from. Depop is the app for you . An overwhelming 90 per cent of its active users are under the age of 25. Contact Data CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For . That said, you can expect to ship your items at lower prices when using Vinted. With a website and apps available on both iOS and Android, Depop promises to be an online shopping. Depop boasts approximately 30 million registered users across 150 countries. Over 3 million products sold in 12 months with a year limited warranty, Sell smartphones, tablets, laptops books, watches, video games and Lego, Get a free instant item valuation, ship your item for free and get paid, No fees for sellers buyers pay no fees up $50 items. This button displays the currently selected search type. Depop Summary. "Etsy acquires clothing resale platform Depop for $1.6 billion", "Gen Z Designers Made It Big on This App. For sellers, we offer a range of tools and services that address key business needs. Describe what you're selling. . OLIO. Dont expect easy answers. 16.6M+ items are available for sale on Depop. In June 2021, Etsy announced it would acquire Depop for $1.6 billion in cash. Forward-looking statements represent our beliefs and assumptions only as of the date hereof. [11][12], Depop is a social e-commerce platform where users can buy and resell their items. Bahrain. 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. However, it soon started to spread across other markets, eventually becoming a worldwide marketplace for second-hand clothing. Get Potential buyers to make bids for the item and agree on the final price. Sign up for free newsletters and get more CNBC delivered to your inbox. A Division of NBCUniversal. E-commerce firm Etsy announced Wednesday that it is buying the secondhand fashion app Depop for $1.62 billion. Get full access to all features within our Business Solutions. Airnow. It has also only made headway in the Australia, Italy, the UK and US, with the last two countries responsible for about 70% of downloads in 2020 and 2021. People want the opportunity to buy and sell, but also they want this inspirational layer and entertainment through their experiences.. Online marketplace Etsy announced . "Monthly active users (MAU) of the Depop app in the United Kingdom (UK) from January 2018 to October 2021 (in millions)." Sign up to our newsletter for a truly global perspective on the fashion industry. Unfortunately, some users complained that the platform would hold your money for a long time before closing your accounts. Once the package is received, the freight forwarder will ship the package directly to you in Europe. [15], Depop has garnered criticism from users and critics due to a number of its sellers buying clothes from thrift shops and reselling them for higher prices than they were purchased for. VP of Investor Relations, Jessica Schmidt Depop reselling is unethical, not because reselling is unethical in general, but because of how it's done. Essentially, the more you engage, be it by liking items, listing products, following other users, etc., the more sales you're likely to generate. The Company operates through four segments: Etsy, Reverb, Depop, and Elo7. It was established in 2011 by Simon Bekerman and now has over 15 million . Unfortunately, Depop doesnt ship directly to Europe. A lot of people in my generation have that set-up income from a few little baskets, he says. [19][20] According to Taylor Lorenz of The Atlantic, Depop draws in Gen Z users through being easily accessible and having affordable prices, and much of its user base uses it to track trends in fashion. There are no boundaries anymore between commerce and connections, consumption and production, and even entertainment and entrepreneurship, says Federica Levato, a partner at Bain, who worked on the report. hi! Business Summary. 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. And it doesn't look like there's a way to list items from a computer. That way youll receive all of your items together instead of one at a time. By providing your email address below, you are providing consent to Etsy to send you the requested Investor Email Alert updates. Platforms should cater for all levels of buyer and seller, says Depops Semple. 6) The app must also have an express courier function, home collection/delivery, users can do everything without leaving home. Depop is a legitimate app that lets sellers sell items and buyers buy items; hence not a scam. Poshmark is best known for women's fashion, trendy brands, and higher-end clothing and accessories. Otherwise, all transactions made in the app are protected, so it should be safe to sell on Depop. Depop has evolved to become the community-powered fashion marketplace to buy and sell unique fashion, with approximately 30 million registered users in more than 150 countries. Statista. It allows users to buy and sell items, most of which are used . In 2020, Depops gross merchandise sales and revenue increased to $650 million and $70 million, respectively. Then I sent them this. 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. Essentially, you'll be able to get any item from the Depop store shipped to Europe, all for a crazy low price. Depop's 2020 gross merchandise sales (GMS) and revenue were approximately $650 million and $70 million, respectively, each increasing over 100% year-over-year. And then I still do a few [dance] teaching jobs and dance performance jobs on the side. Depop was established as a social network for readers of PIG magazine back in 2011 by magazine founder - and head of sunglasses brand Retrosuperfuture - Simon Bekerman. 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. Both platforms are dominant forces, connecting 21 and 26 million users worldwide, respectively. Take up to four photos. It also gives the online marketplace a bigger footprint in fashion resale. . When expanded it provides a list of search options that will switch the search inputs to match the current selection. To make sure everything arrives in one clean piece, pack your items well; Keep your buyer informed. Depop's 2020 gross. [6] Most active users of Depop are located in the United Kingdom, Australia, United States and Italy. This extends to how these generations view life and society, but also fashion. Press J to jump to the feed. It's nothing else than a standard return policy where buyers can return items that might be damaged, missing, or cancelled. It incorporates fewer categories and focuses more on a buyer experience, allowing users to make offers faster. You must click the activation link in order to complete your subscription. Forward-looking statements include all statements that are not historical fact. 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. Depop's beginnings were also relatively humble. OpenAI explain why some countries are excluded from ChatGPT Download PDF. however, despite it being 3-4 days since delivery (on the transaction info it actually says i should have gotten the money within 1 day of delivery), it still says my payment is on hold. By Lisa Lacy. 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. To minimize the likelihood of being scammed, you should only make a transaction through the app and not offline or off the platform. Its a fairly common question we often see asked, and the answer isnt all that clear. Depop does not offer other ways to make money apart from selling items such as clothes, shoes, and other items. Unfortunately, Depop doesn't 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. Like Depop, Decluttr is free to download and use. Since Depop has attracted young people, you can expect a lot of clothing and other items to be approved by the millenials. We want to hear from you. You can use it to browse listings by your neighbours and local shops with a surplus of food or other products. To answer that, we must take a closer look at the two. Make sure your clothing is the focal point of the picture by keeping the . Vinted, for instance, is generally more focused on the transactional side. For Semple, physical events remain hugely relevant. The site . To receive packages from the United States, youre going to need to have an address based there. Paypal withholds those Depop users funds from any items sold for a minimum of 21 days from the date of sale[citation needed]. With a background in economics and now e-business, she has joined Dollarbreak to share her experience, to help individuals make sound financial decisions revolving around budgeting, spending, money making and investing. The company was founded in 2011 and is headquartered in London . We disclaim any obligation to update forward-looking statements. [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. Depop is a peer-to-peer social e-commerce company based in London, with additional offices in Manchester, Milan and New York City. Others were also unhappy with the customer service describing it as unresponsive. Items are usually secondhand or homemade. . trend cycle continues to quicken, posing a challenge for fashion brand marketers seeking to connect with younger consumers. You can only download this statistic as a Premium user. 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. Etsy expects to share more information in conjunction with its second quarter 2021 financial results.