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Etsy Inc., the online marketplace for crafts and vintage items, is buying second-hand fashion app Depop for $1.63 billion as it seeks to expand its customer base and attract younger users.

Online marketplace Etsy announced Wednesday it is expanding into the booming clothing resale space by acquiring Gen Z-focused reseller Depop for $1.63 billion.

Image source: Getty Images. Etsy is acquiring Depop at a pricey valuation. Depop generated revenue of $70 million in 2020, which was up more than 100% from 2019.

Etsy is acquiring Depop for $1.625 billion. Depop, which launched in 2011, is a s ocial shopping app that has been described as a mix of eBay and Instagram. It is targeted at Gen Z shoppers.

Etsy said it is buying the social shopping app Depop — which has a reputation for selling TikTok-worthy vintage clothing — for $1.63 billion in cash.

Etsy, Inc.’s “house of brands” portfolio also includes fashion resale marketplace Depop, musical instrument marketplace Reverb, and Brazil -based handmade goods marketplace Elo7.