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00:02Etsy shares surged more than 14 percent in extended trading after eBay agreed to acquire
00:07its second-hand clothing reseller Depop for about $1.2 billion in cash, according to CNBC.
00:13The deal follows Etsy's roughly $1.62 billion purchase of Depop nearly five years ago to
00:19attract younger consumers to its marketplace. The company said the sale allows it to focus
00:24on growing its core marketplace.
00:26Etsy acquired several niche marketplaces under a House of Brands strategy to compete with
00:31Amazon but later reversed course by selling ELO 7 in 2023 and Reverb last year.
00:38Etsy has struggled to grow since the pandemic boom as active buyers and gross merchandise
00:42volume declined and trumps tariff policies and weaker discretionary spending weighed on results.
00:48For all things money, visit Benzinga.com.
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