Etsy eyes Gen-Z shoppers with $1.63 billion deal for fashion reseller Depop

FILE PHOTO: A sign advertising the online seller Etsy Inc. is seen outside the Nasdaq market site in Times Square following Etsy's initial public offering (IPO) on the Nasdaq in New York April 16, 2015. REUTERS/Mike Segar/File Photo

(Reuters) -Etsy Inc said on Wednesday it would buy Generation-Z focused fashion resale company Depop for $1.63 billion, seeking to attract younger shoppers and bolster its position in a booming market in vintage or used clothing.

After a pandemic-driven surge in sales over the last year, Etsy, among the world's best known e-commerce platforms for handmade goods and vintage items, estimates the U.S. second-hand clothing market alone will be worth $64 billion by 2024.