Depop increases sales, narrows losses

London-based fashion marketplace Depop reported an 8 percent improvement in the annual sales to 54.3 million pounds, while the company’s losses narrowed to 59.4 million pounds.

The company’s current owner Etsy Inc. said in its 2022 10-K filing: “We believe Depop has a meaningful growth opportunity given its healthy user engagement metrics, strong resale market position with the “Generation Z” (“Gen Z”) consumer demographic, and strong brand awareness in its core markets of United Kingdom and United States.”

Etsy believes Depop is a highly-relevant and authentic re-commerce brand that is still early in its growth lifecycle and plans to continue to invest accordingly. In September 2022, Etsy appointed Kruti Patel Goyal, Etsy’s former chief product officer as Depop’s new chief executive officer.

“Throughout the year, Depop improved the buyer experience by increasing product velocity and infrastructure, enhancing search capabilities, building new performance marketing channels with PLA, and launching Make an Offer, Depop Payments, and Boosted Listings,” Etsy added.

Building on the success of the ‘Make an Offer’ program, Depop also launched seller-initiated offers with enhanced pricing guidance and expanded its performance marketing data feeds to additional listings, driving an increase in paid marketing contribution. Seller adoption of its ‘Boosted Listings’ onsite ads platform increased, and Depop launched a buy now, pay later option in the United States.