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
(Reuters) - E-commerce company Etsy Inc said on Monday it had acquired Elo7 — a Brazilian online marketplace specializing in made-to-order products — in a $217 million cash transaction in a first move to expand into Latin America.
The move comes just weeks after Etsy’s acquisition of Depop, a website for buying and selling second-hand clothing popular among Gen Z consumers. Like Depop and Reverb, a music marketplace purchased by Etsy in 2019, Elo7 will continue to be run by its existing leadership as an independent marketplace once the deal is finalized. The companies expect that to happen by the third quarter.
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