Type of business | Subsidiary |
---|---|
Available in | English, Italian |
Founded | 2011Roncade, Italy | in
Headquarters | London , United Kingdom |
No. of locations |
|
Area served | Worldwide |
Founder(s) | Simon Beckerman |
CEO | Kruti Patel Goyal |
Industry | Online shopping |
Employees | 400 (2021) [1] |
Parent | Etsy |
URL | depop |
Users | 30 million (2021) [2] |
Depop is a social e-commerce company based in London, with additional offices in Manchester, Milan and New York City. The company has an expanding global presence being popularised in countries such as the United States, United Kingdom, Australia, New Zealand, and Italy. It allows users to buy and sell items, most of which are used and vintage pieces of clothing.
Depop was founded in 2011 by entrepreneur Simon Beckerman at an Italian technological incubator and business H-Farm start-up centre. [3] Paolo Barberis and Nana Bianca were two of the first investors in the platform in 2012 with a seed investment. [4] Its headquarters were moved to London in 2012. [5] Depop expanded and opened additional offices in Milan and New York City. [6] Beckerman raised €1 million in funding in October 2013 from Red Circle Investment and brought on Faroese Runar Reistrup as new CEO. [5] In 2015, Depop secured another investment of $8 million from Balderton Capital and Holtzbrinck Ventures. [6] Most active users of Depop are located in the United Kingdom, Australia, United States and Italy. In March 2016, former CEO, Runar Reistrup, stated that Depop's growth was achieved through word of mouth. [7] Depop was the official app sponsor of the 2016 Vans Warped Tour. [8] [ better source needed ]
In June 2019, Depop raised $62 million in Series C from General Atlantic to fund its expansion. Previous investors HV Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures, TempoCap and Sebastian Siemiatkowski also participated. [9]
In 2020, Depop's gross merchandise sales and revenue both more than doubled to $650 million and $70 million respectively. [10] 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. [11] [12]
Depop is a social e-commerce platform where users can buy and resell their items. As a mobile app, it is available on iOS and Android platforms. [13]
Most of the items sold on Depop are used, vintage, and repurposed pieces of clothing. Its user interface is modeled after that of Instagram, and users can sell items by posting pictures of them to their profiles, along with descriptions, hashtags, and prices. Many sellers model the clothes they sell themselves. [14] Users can also follow other sellers, whose posts will appear in their feeds. The platform's "Explore" page features items picked out by Depop staff. Users can pay for items using PayPal. [15] Depop users are also encouraged by the platform to use other social networking services such as Instagram to promote their shop profiles. [16] Celebrities have resold their own items on Depop, with some donating proceeds to charitable causes. [17]
As of 2021, Depop has over 21 million users, 90 percent of whom are under the age of 26. [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. [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. Popular sellers on the platform often go on to become social media influencers. [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. [21] 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. [22] [19]
In November 2019, Business of Fashion reported that users within the Depop app were receiving sexually suggestive messages. [23]
A reseller is a company or individual (merchant) that purchases goods or services with the intention of selling them rather than consuming or using them. Individual resellers are often referred to as middle men. This is usually done for profit. One example can be found in the industry of telecommunications, where companies buy excess amounts of transmission capacity or call time from other carriers and resell it to smaller carriers. Resale can be seen in everyday life from yard sales to selling used cars.
Used goods, also known as secondhand goods, are any item of personal property offered for sale not as new, including metals in any form except coins that are legal tender, but excluding books, magazines, and postage stamps. Used goods may also be handed down, especially among family or close friends, as a hand-me-down.
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A second-hand shop is a shop which sells used goods.
Social commerce is a subset of electronic commerce that involves social media and online media that supports social interaction, and user contributions to assist online buying and selling of products and services.
Buffalo Exchange is an American fashion resale retailer. Operating under a "buy, sell, trade" business model, it buys clothing and accessories from the public and resells them to the public. Buffalo Exchange targets a wide range of styles and ages with a mix of new and recycled clothing and accessories, including current trends, everyday staples, vintage, one-of-a-kind items, designer and more. Though often considered a thrift store, rather than receiving donations, they hand-select and purchase the majority of their inventory from the local community. This makes for a more curated selection.
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Poshmark is a social commerce marketplace where users can buy and sell new and secondhand fashion, home goods, and electronics. The platform has over 80 million users, with over 200M available listings. The company is headquartered in Redwood City, California, with offices in Canada (Vancouver), Australia (Melbourne), and India (Chennai). The company operates as an independent subsidiary of Naver Corporation since January 2023.
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Wish is an American online e-commerce platform for transactions between sellers and buyers. Wish was founded in 2010 by Piotr Szulczewski and Danny Zhang.
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