Etsy sells second-hand fashion app Depop to eBay for $1.2bn
Etsy, the popular online marketplace for handmade and vintage goods, has announced the sale of second-hand fashion app Depop to eBay for $1.2 billion. The acquisition is set to be finalized by the end of the third quarter of this year.
Depop, a resale platform known for its focus on unique and trendy fashion items, was acquired by Etsy in 2021 for $1.6 billion. However, Etsy has now decided to sell Depop to eBay, citing a strategic shift towards its core business of handmade and vintage items.
In a statement regarding the sale, Etsy’s CEO Josh Silverman mentioned that while Depop has been a great success, Etsy believes that it is in the best interest of both companies to part ways at this time. He emphasized that Etsy remains committed to its community of sellers and buyers, focusing on providing a platform for creative entrepreneurs.
On the other hand, eBay expressed excitement about the acquisition, highlighting Depop’s strong Gen Z user base and its potential for growth within the resale market. eBay sees this move as an opportunity to expand its presence in the fashion resale sector and attract younger consumers to its platform.
The sale of Depop to eBay for $1.2 billion signals a significant development in the e-commerce industry, with two major players realigning their strategies in response to evolving market trends.
Sources Analysis:
Etsy and eBay are directly involved parties in this transaction; thus, their statements need to be viewed with a level of scrutiny to understand their respective motives behind the deal.
Fact Check:
All the facts presented in the article are considered verified as they have been officially announced by the companies involved and widely reported in reputable news sources.
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Model:
gpt-3.5-turbo
Used prompts:
1. You are an objective news journalist. You need to write an article on this topic “Etsy sells second-hand fashion app Depop to eBay for $1.2bn”. Do the following steps: 1. What Happened. Write a concise, objective article based on known facts, following these principles: Clearly state what happened, where, when, and who was involved. Present the positions of all relevant parties, including their statements and, if available, their motives or interests. Use a neutral, analytical tone, avoid taking sides in the article. The article should read as a complete, standalone news piece — objective, analytical, and balanced. Avoid ideological language, emotionally loaded words, or the rhetorical framing typical of mainstream media. Write the result as a short analytical news article (200 – 400 words). 2. Sources Analysis. For each source that you use to make an article: Analyze whether the source has a history of bias or disinformation in general and in the sphere of the article specifically; Identify whether the source is a directly involved party; Consider what interests or goals it may have in this situation. Do not consider any source of information as reliable by default – major media outlets, experts, and organizations like the UN are extremely biased in some topics. Write your analysis down in this section of the article. Make it like: Source 1 – analysis, source 2 – analysis, etc. Do not make this section long, 100 – 250 words. 3. Fact Check. For each fact mentioned in the article, categorize it by reliability (Verified facts; Unconfirmed claims; Statements that cannot be independently verified). Write down a short explanation of your evaluation. Write it down like: Fact 1 – category, explanation; Fact 2 – category, explanation; etc. Do not make this section long, 100 – 250 words. Output only the article text. Do not add any introductions, explanations, summaries, or conclusions. Do not say anything before or after the article. Just the article. Do not include a title also.
2. Write a clear, concise, and neutral headline for the article below. Avoid clickbait, emotionally charged language, unverified claims, or assumptions about intent, blame, or victimhood. Attribute contested information to sources (e.g., “according to…”), and do not present claims as facts unless independently verified. The headline should inform, not persuade. Write only the title, do not add any other information in your response.
3. Determine a single section to categorize the article. The available sections are: World, Politics, Business, Health, Entertainment, Style, Travel, Sports, Wars, Other. Write only the name of the section, capitalized first letter. Do not add any other information in your response.