Depop

Depop is a mobile application where users buy and sell fashionable clothes and accessories from both large and independent brands.

Founded in 2011 in London, the marketplace has headquarters in Manchester, New York, Los Angeles and Australia. This is the only European startup that is in the top 25 shopping apps by the number of daily active users. In total, 21 million users from 147 countries are registered on the platform.

Depop Financial Indicators

During its existence, Depop was able to receive $105.6 million of investments in 7 rounds from 12 investors. The company's revenue in 2020 amounted to $70 million, which is twice as much as in 2019. Currently, the company is being acquired for $1.6 billion by Etsy, the largest online marketplace for buying and selling needlework. At the same time, Depop will remain an independent platform following the acquisition and will retain its headquarters in London.

Potential market and prospects of Depop

According to the company itself, the resale market of fashion goods in the United States alone will amount to $64 billion by 2024, an increase of 39% per year, which provides excellent market opportunities for Depop. According to Shopify, the fashion-related e-commerce market could grow from $531.25 billion in 2019 to $672.71 billion in 2023. Currently, only in the USA, 29.5% of all sales of fashion items occur online.

The company's key competitors are ThredUp, The RealReal, Poshmark.