eBay to Acquire Depop from Etsy for $1.2B, Consolidating Vintage Resale

eBay is buying Depop from Etsy for approximately $1.2 billion in cash, a move that instantly consolidates a big swath of the vintage and pre-loved market. The companies announced the deal in a joint press release datelined SAN JOSE, Calif., and BROOKLYN, N.Y., on Feb 18, 2026; Depop reported roughly 7 million active buyers as of Dec. 31, 2025, nearly 90% under the age of 34, more than 3 million active sellers, and about $1 billion in gross merchandise sales for 2025.

The acquisition is explicitly positioned as a demographic and strategic bolt-on for eBay. CEO Jamie Iannone said, “Depop has built a trusted, social-forward marketplace with strong momentum in the pre-loved fashion category, and we are confident that as part of eBay, Depop will be even more well‑positioned for long‑term growth, benefiting from our scale, complementary offerings, and operational capabilities.” eBay has cited its fashion category as representing more than $10 billion in annual GMV and reported quarterly GMV of $21.2 billion alongside the announcement; the company also posted adjusted EPS of $1.41 on revenue of $2.97 billion for the quarter.

For Etsy, the divestiture represents a strategic narrowing of focus. CEO Kruti Patel Goyal said, “We are excited that this transaction allows us to focus exclusively on the compelling opportunity we see in front of us: to grow the Etsy marketplace in ways that matter most to our buyers and sellers.” Markets liked the clarity: Etsy shares jumped more than 14% in extended trading and eBay shares rose more than 8% after the news.

Operationally, Depop will remain a standalone brand while tapping eBay’s backend shipping and financial services to scale logistics and payments. The companies said the deal is expected to close in the spring; some reporting framed that timeline as a second quarter close, language that overlaps but differs in phrasing. No public details were provided about leadership retention or fee changes for Depop sellers at the time of the announcement.

The transaction lands amid broader recommerce consolidation. eBay has been building circular-economy credentials, its Authenticity Guarantee program inspects luxury handbags, sneakers and watches, and the company invested in rental startup The Volte in 2023, while recommerce represented over 40% of eBay’s GMV in recent reporting and roughly $4 billion of its secondhand fashion GMV in 2025. Industry observers have likened the move to earlier M&A in resale, such as Naver’s purchase of Poshmark in 2022, and noted conflicting reports about the price Etsy paid for Depop in 2021; some outlets said Etsy paid roughly $1.62 billion then, while other analysis suggested a different historical figure.

For shoppers and sellers, the immediate takeaway is practical: a mobile-first, social-native marketplace with high Gen Z engagement will now run on eBay’s scale and infrastructure, with the deal expected to finalize in spring or early Q2 2026. The broader takeaway is strategic clarity: Etsy refocuses on creators and makers, and eBay doubles down on fashion resale as a core growth pillar.