Depop is not shown as profitable standalone. In 2025 it generated $1.1 billion GMS and $187 million revenue but depressed parent Etsy's consolidated adjusted EBITDA margin by 350 basis points, per Etsy's 2026-02-19 Q4 earnings disclosure.

Who owns Depop now and is it being sold?

Depop has been owned by Etsy since 2021. Etsy agreed on 2026-02-18 to sell Depop to eBay for $1.2 billion cash, with closing scheduled for July 30, 2026 after UK CMA clearance on July 15, 2026.

Could AI replace Depop's marketplace?

Unlikely to fully replace it soon. Depop's core value is its Gen-Z social graph and unique secondhand inventory, which AI cannot generate; Depop instead uses AI for photo editing and listing descriptions, with agentic shopping traffic still under 1% of Etsy's total as of Q4 2025.

Who is Depop's biggest competitor?

Vinted is the sharpest rival. Vinted reported €813.4 million revenue in 2024 (+36% YoY) and reached an approximately €8 billion valuation after an April 2026 secondary share sale, roughly quadruple Depop's 2025 revenue of $187 million.

Is Depop growing faster or slower than the market?

Depop's US GMS grew about 60% year over year in 2025, per Etsy's Q4 2026 earnings call, and Consumer Edge data from 2026-01-06 ranked Depop among the fastest-growing DTC apparel brands even as broader apparel demand softened.

When does eBay's acquisition of Depop officially close?

Closing is set for July 30, 2026, after UK Competition and Markets Authority clearance on July 15, 2026; the deal's termination fee was raised to $158 million as the process dragged past its original timeline, per a 2026-07-16 report.

E-commerce and marketplaces · acquisition pending · United Kingdom

Depop

depop.com ↗

Depop is a Gen-Z secondhand fashion marketplace being absorbed into eBay after Etsy sold it for $1.2B.

Losing its protection

Assessed 22 July 2026 · Evidence as of 22 July 2026

The structural protection is eroding.

On the recordSince 22 July 2026 · Checkable from by October 30, 2026 · Every call on the record Checkpoint: First post-close reorg memo showing whether Depop stays independent or gets absorbed into eBay

The call

Depop has the young audience eBay wants but couldn't grow itself, and the next 90 days after close will show if that audience gets nurtured or absorbed.

Depop is a social shopping app where young people buy and sell used clothes to each other. It built something real that eBay wanted badly enough to pay $1.2 billion for it, but eBay has already cut 800 jobs and Depop loses money for its parent company. The main threat is Vinted, a European resale app that grew just as fast as Depop and is now entering the US market, proving that what made Depop special can be copied. What matters most: whether eBay keeps Depop running as its own separate team with its own culture, or quietly folds it into eBay's main site and destroys the very thing it paid for.

Why

AI pressure: None apparent. AI styling and listing tools help Depop sellers now, but no AI agent is pulling buyers away from resale fashion browsing yet. Could AI do the core job? Unlikely.

Bigger players: eBay Inc. and Vinted. eBay owns Depop outright from July 30, 2026 and may fold its team into eBay operations, while Vinted already out-earns Depop 4 to 1 in Europe. Could a giant copy it? Probably.

What protects it. A young, loyal buyer and seller base (7M buyers, 3M sellers, 90% under 34) that eBay paid $1.2B rather than try to build itself.

What would change this call

eBay issues a post-close reorg memo within 90 days of July 30, 2026 close. Shows whether Depop stays an independent unit or gets absorbed into eBay operations.
Vinted announces or scales a US market launch before end of 2027. Would show the Gen-Z resale moat is copyable and directly contested on Depop's home turf.
Depop US GMS growth rate reported in eBay/Etsy filings through 2027. Falling below 40% YoY would show growth stalling under new ownership.

Key numbers

eBay paid $1.2 billion for Depop (2026-02-18)
Depop 2025 revenue: $187 million (2025-12)
Cut Etsy's EBITDA margin by 350 basis points (2025-12)

Named risks

Post-close absorption into eBay operations, losing standalone brand and leadership. Severity: high
eBay expects no earnings accretion from Depop until at least 2028, inviting cost scrutiny. Severity: medium
Vinted's larger revenue base and growth pressure Depop's European position. Severity: medium
Depop drags Etsy consolidated EBITDA margin by 350bps as of 2025. Severity: medium
Agentic AI shopping assistants could disintermediate in-app browsing over time. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Vinted	gaining on	€813.4M 2024 revenue vs Depop's $187M 2025 revenue; Vinted hit ~€8B valuation, April 2026
eBay Inc.	contesting	Acquiring Depop while running own resale push including Tise acquisition, 2025
Poshmark	contesting	US casual resale competitor historically valued near $3.5B, frequently benchmarked against Depop
Vestiaire Collective	contesting	Leads pre-loved luxury resale; luxury resale segment projected to $360B by 2030, per Oct 2025 BCG report

Questions people ask

Is Depop profitable?: Depop is not shown as profitable standalone. In 2025 it generated $1.1 billion GMS and $187 million revenue but depressed parent Etsy's consolidated adjusted EBITDA margin by 350 basis points, per Etsy's 2026-02-19 Q4 earnings disclosure.
Who owns Depop now and is it being sold?: Depop has been owned by Etsy since 2021. Etsy agreed on 2026-02-18 to sell Depop to eBay for $1.2 billion cash, with closing scheduled for July 30, 2026 after UK CMA clearance on July 15, 2026.
Could AI replace Depop's marketplace?: Unlikely to fully replace it soon. Depop's core value is its Gen-Z social graph and unique secondhand inventory, which AI cannot generate; Depop instead uses AI for photo editing and listing descriptions, with agentic shopping traffic still under 1% of Etsy's total as of Q4 2025.
Who is Depop's biggest competitor?: Vinted is the sharpest rival. Vinted reported €813.4 million revenue in 2024 (+36% YoY) and reached an approximately €8 billion valuation after an April 2026 secondary share sale, roughly quadruple Depop's 2025 revenue of $187 million.
Is Depop growing faster or slower than the market?: Depop's US GMS grew about 60% year over year in 2025, per Etsy's Q4 2026 earnings call, and Consumer Edge data from 2026-01-06 ranked Depop among the fastest-growing DTC apparel brands even as broader apparel demand softened.
When does eBay's acquisition of Depop officially close?: Closing is set for July 30, 2026, after UK Competition and Markets Authority clearance on July 15, 2026; the deal's termination fee was raised to $158 million as the process dragged past its original timeline, per a 2026-07-16 report.

Timeline

2026-07-30eBay's $1.2B acquisition of Depop from Etsy scheduled to close
2026-07-16Termination fee raised to $158M; UK CMA clears deal; closing set for July 30
2026-06-17Photoroom AI photo tool used on over 1 million Depop listings
2026-05-21Letter agreement adds up to $136M Business Disruption Fee to deal
2026-02-27eBay cuts about 800 jobs (6% of global workforce) post-deal announcement
2026-02-18Etsy agrees to sell Depop to eBay for approximately $1.2 billion cash
2025-09-24Depop launches Outfits, a fashion collaging/styling feature
2025-01-31Depop rolls out expanded AI/ML personalization across 600,000 daily listings
2024-07-18Depop removes US seller fees, keeping only payment-processing fee
2021-06Etsy acquires Depop for approximately $1.625 billion cash

Revision history

22 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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