Ebay buys Depop for $1.2bn in effort to lure younger shoppers

Depop had 7m active buyers by the end of last year – almost 90% of whom are under the age of 34 – and more than 3m active sellers. Photograph: lolostock/Getty Images/iStockphoto

The online retailer eBay has agreed to buy the British secondhand fashion resale app Depop from Etsy for about $1.2bn (£890m) in cash, as eBay targets younger fashion-loving consumers.

The deal comes at a time when secondhand marketplaces continue to soar in popularity, especially among gen Z shoppers – born between 1997 and 2012 – amid a squeeze on household incomes and concerns about sustainability in fashion.