Thrifting and shopping secondhand is becoming increasingly digital. According to a report from ThredUp, the resale and DIY sales market is projected to double in size within the next 5 years, reaching a market share of $77 billion.
Two major players in the space are Etsy, a create-and-sell marketplace, and its subsidiary company, Depop, a global fashion resale marketplace. Last year, Brooklyn-based Etsy bought London-Based Depop for $1.6 billion.
On Wednesday, Etsy announced that Etsy Chief People Officer Kruti Patel Goyal will become the CEO of Depop, effective September 2022. Goyal has been at the company for 11 years.
Goyal will replace Maria Raga, who after eight years at the company has resigned to pursue personal ventures.
“After… years of scaling Depop from a small enterprise to being a part of Etsy’s House of Brands, I'm excited to now pass the baton to someone who can take Depop to the next level,” Raga said in a statement. “Working with Kruti for the past year, I have consistently been impressed by her extraordinary track record and empathetic leadership. I could not have wished for a better successor and I am confident she will do amazing things for Depop.”
When Etsy announced the acquisition of Depop last year, Etsy CEO Josh Silverman said the company was attracted Depop’s popularity with Gen Z consumers.
“We believe Depop to be the resale home for Gen Z consumers with a unique offering and highly-engaged user base,” Josh Silverman said in a statement. “With the closing of this incredibly exciting transaction, Etsy’s ‘house of brands’ portfolio now includes four individually distinct, and very special, ecommerce brands — Etsy, Depop, Reverb and Elo7 — with parallel growth strategies, all sharing similar missions, visions, and values.”
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