eBay has completed its acquisition of Depop, a consumer-to-consumer fashion marketplace with a Gen Z and Millennial customer base.

The acquisition builds on eBay's momentum in fashion, a more than $10 billion annual GMV category for the company. Depop has built a community in fashion resale with an engaged customer base and accessibly priced fashion inventory.

"As a global leader in C2C and recommerce, eBay's acquisition of Depop further strengthens our C2C value proposition. This combines two distinct customer experiences and expands our reach with the next generation of buyers and sellers," said Jamie Iannone, Chief Executive Officer of eBay. "Our goal is to preserve Depop's strong brand, community, and product experience, while helping the team accelerate the roadmap that is already underway and explore synergies with eBay in areas that can supercharge our combined growth potential."

"Joining eBay, a company with a longstanding record of driving innovation in recommerce globally, is an exciting new chapter for Depop and our community," said Peter Semple, Chief Executive Officer of Depop. "We've built a marketplace centred on creativity, self-expression, and connection, and we're just getting started. Depop is a natural fit with eBay and together we can accelerate our growth while continuing to deliver the unique experience our users value."

Depop will operate as a complementary business, retaining its distinct brand, platform, customer experience, and culture.