Freshfields leads on eBay’s $1.2bn acquisition of Depop from Etsy

Freshfields is acting on eBay’s $1.2 billion acquisition of London-based fashion resale platform Depop from Etsy, five years after Etsy bought it for $1.6 billion.

Silicon Valley tech firm Fenwick is representing Brooklyn-based Etsy on the sale and also acted for the company on its 2021 acquisition of Depop, alongside then Allen & Overy, while Weil advised Depop and its selling shareholders.

A Gen Z growth play

Popular with Gen Z and millennials, Depop is a C2C fashion resale marketplace app with 7 million active buyers, nearly 90% of which are under age 34. The platform has been expanding rapidly in the US and generated annual global sales of around $1 billion in 2025.

The deal strengthens eBay’s hand in an increasingly competitive resale market, where it faces pressure from specialist platforms such as Europe’s Vinted as well as broader e-commerce players including Amazon, which has expanded into pre-owned and value-driven fashion categories.

For Etsy, the disposal comes at a slight loss but clears the way for renewed focus on its core handmade and vintage marketplace.

Following completion, Depop will retain its name, brand and platform within the eBay platform.

Advising

Freshfields is advising eBay, led by New York partners Ethan Klingsberg and Zheng (Jonathan) Zhou. The mandate marks the firm’s second major US M&A instruction in recent weeks, following its role advising the buyer consortium on the $6.2 billion take-private of outdoor media group Clear Channel Outdoor.

Fenwick acted for Etsy, led by corporate partners Ken Myers (New York) and Bomi Lee (San Francisco).