Depop

Depop is a Gen-Z–heavy C2C fashion resale marketplace, founded in 2011 and headquartered in London. Sellers in the U.K., U.S. and Australia list for free with no selling fee (payment processing still applies); buyers there pay a Marketplace fee of up to 5% of the item price plus up to £/$1. eBay completed its purchase of Depop from Etsy on 30 July 2026 for about $1.4B. FY2025 revenue (Depop Limited) was £140.8M (+39%) on $1.07B of GMS, with an operating loss of £54.5M.

Business Model Canvas
Depop
Research date: Oct 14, 2026
Evidence-backed · sources in companion brief

Key Partners

  • Peer sellers supply every item (FACT).
  • Stripe powers Depop Payments in UK/US/AUS (FACT).
  • USPS (US) and Evri (UK) for Depop Shipping labels (FACT).
  • eBay owner since 30 Jul 2026 (FACT).
  • Former parent Etsy (2021–Jul 2026) (FACT).
  • PayPal still used outside core markets (FACT).

Key Activities

  • Social discovery, search and recommendations (FACT).
  • AI-assisted listing from photos (FACT).
  • Trust & Safety and Depop Protection (FACT).
  • Depop Shipping label fulfilment (FACT).
  • Performance and brand marketing, esp. U.S. (FACT).
  • Fee-structure experiments (buyer fee, zero seller fee) (FACT).

Key Resources

  • 55.6M registered users (FACT, end-2025).
  • 7.0M active buyers · 3.2M active sellers (FACT).
  • App carries 92% of GMS (FACT).
  • Brand in Gen-Z / Millennial resale (FACT).
  • 436 average monthly employees FY2025 (FACT).
  • eBay ownership and scale (FACT, since Jul 2026).

Value Propositions

  • 0% selling fees in UK/US/AUS (FACT).
  • Social, style-led discovery for secondhand fashion (FACT).
  • Depop Protection on eligible Buy-button orders (FACT).
  • AI listing from a photo (FACT).
  • Prepaid Depop Shipping labels (buyer-paid) (FACT).
  • Circular-fashion mission (FACT).

Customer Relationships

  • In-app chat, follows and likes (FACT).
  • Many users both buy and sell (~59% of sellers also bought) (FACT).
  • Depop Protection and support on eligible orders (FACT).
  • Self-serve listing and checkout (FACT).
  • Community / circular-fashion identity (FACT).

Channels

  • iOS and Android apps (92% of GMS) (FACT).
  • depop.com web presence (FACT).
  • Performance marketing (FACT).
  • U.S. brand campaigns (FACT, 2025).
  • Word of mouth in fashion communities (INFERENCE).
  • Stays a distinct brand under eBay (FACT).

Customer Segments

  • Buyers under 34 (~87%) (FACT).
  • U.S. buyers = 74% of GMS FY2025 (FACT).
  • Lead markets — U.S., U.K., Australia (FACT).
  • Apparel ≈ 93% of GMS (FACT).
  • Peer sellers; U.S. active sellers +60% YoY (FACT).
  • Sellers outside UK/US/AUS still pay 10% (FACT).

Cost Structure

  • Cost of sales £45.1M FY2025 (FACT).
  • Administrative expenses £150.2M FY2025 (FACT).
  • Operating loss £54.5M FY2025 (FACT).
  • Marketing and growth investment (FACT).
  • Parent working-capital support historically (FACT).
  • Q1 2026 marketing > revenue in discontinued ops (FACT; partial).

Revenue Streams

  • Buyer Marketplace fee — up to 5% + £/$1 (FACT).
  • 0% selling fees in UK/US/AUS (FACT).
  • Payment processing fees on sellers (FACT).
  • 10% selling fee outside core markets (FACT).
  • Boost fees 8–12% (FACT).
  • £140.8M revenue FY2025, +39% (FACT).
Sources: depophelp.zendesk.com/hc/en-gb · depop.com/blog/how-does-depop-work · investors.ebayinc.com/investor-news/press-release-details · find-and-update.company-information.service.gov.uk/company/08316342 · sec.gov/Archives/edgar · depophelp.zendesk.com/hc/en-gb · sec.gov/Archives/edgar
Not affiliated with Depop.
BMC · Osterwalder 9-block · Oct 14, 2026