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Data: FactSet, press reports; Chart: Axios Visuals

The global used-clothes market is worth $40 billion per year, according to Boston Consulting Group, and is growing at more than 15% per year. Like all other retail, it's moving increasingly online.

Driving the news: Etsy announced this week that it was buying U.K.-based Depop, a fashion reseller beloved by #teens, for $1.6 billion.

Etsy itself, now boasting a market valuation of more than $20 billion, has no shortage of secondhand clothing, although its audience skews older.

  • American fashion resellers Poshmark, ThredUp, and RealReal have all now gone public; European rivals Vinted and Vestiaire have both recently raised money at unicorn-level valuations.

Be smart: All of these platforms have benefited to some extent from speculative activity — people buying items in the hope that they will be able to resell them at a higher price. Another unicorn, StockX, specializes in such trades.

  • Depop, however, is mostly an app for the discovery and purchase of items that don't look like they were found at a chain store in the local shopping mall. It's less about collectible handbags, and more about enabling self-expression.
  • Used clothes, and items hand-made by influencers, are also much more socially and environmentally responsible than fast fashion.

Go deeper

Dan Primack, author of Pro Rata
Jun 2, 2021 - Economy & Business

Etsy to buy resale app Depop for $1.6 billion in cash

Illustration: Sarah Grillo/Axios

Etsy agreed to buy Depop, a London-based secondhand fashion marketplace, for $1.63 billion in cash.

Why it matters: This is millennial-driven Etsy trying to get younger, as around 90% of Depop's users are under 26 years old.

"No-code" miracle for startups

Expand chart
Data: Interactive Advertising Bureau; Table: Axios Visuals

The U.S. has reached a tipping point in its shift from the industrial economy — one that relied on the buildout of hardware — to an information economy that relies on the transfer, storage and implementation of data, according to a new report.

Why it matters: This shift towards a data and information-based economy has allowed more businesses to establish themselves and scale quickly and at a very low cost. As such, the number of jobs created by the commercial internet has more than tripled since 2012.

Amazon's small business shield

Illustration: Aïda Amer/Axios

Amazon is touting the success of small sellers on its platform through the pandemic — and warning that antitrust legislation could jeopardize that success and blow up its open-marketplace model.

Why it matters: As online shopping became a lifeline for both businesses and consumers during the pandemic, Amazon reaped big benefits, but also saw its regulatory risk grow.