Depop — research brief

Labels: FACT = company or filing source · SECONDARY = press / third party · INFERENCE = our arithmetic or reading.

Company

Community-powered C2C fashion resale marketplace founded 2011 (Milan; HQ London since 2013); Depop Limited (UK company 08316342) (FACT, Depop Limited FY2025 accounts; Depop about / partner materials).
Mission: “Make Fashion Circular” — buy, sell and discover secondhand fashion (FACT, Etsy FY2025 10-K; eBay close PR).
Owned by Etsy, Inc. from 2021 until 30 July 2026, when eBay completed the acquisition for about $1.4B cash ($1.2B base + ~$200M net purchase-price adjustments and interest) (FACT, eBay close PR, Etsy close PR, Etsy 8-K exhibit).
As part of eBay, Depop keeps its brand, platform, customer experience and culture (FACT, eBay close PR). CEO Peter Semple (appointed July 2025 while under Etsy) (FACT, Depop Limited FY2025 strategic report; eBay close PR quotes him as CEO).

Financials

Depop Limited UK statutory accounts (year ended 31 Dec) — primary entity revenue

FY2025: revenue £140,785,365 vs £101,584,639 in FY2024 (+38.6%); cost of sales £45.1m; gross profit £95.7m; operating loss (£54.5m) vs (£42.0m); loss for the year (£53.3m) vs (£40.4m); tax credit £1.2m (FACT, Depop Limited full accounts made up to 31 Dec 2025, Companies House, filed 7 Aug 2026; Statement of Comprehensive Income p.14).
Strategic report rounds FY2025 revenue to £140.8m (+39%), operating loss (£54.5m), cash £13.3m, average monthly employees 436 (FACT, same accounts, Strategic Report).
FY2024: revenue £101.6m (+42% vs 2023 £71.3m per SECONDARY press on earlier filing); operating loss (£42.0m) (FACT for 2024 vs 2025 columns in FY2025 accounts; SECONDARY FashionUnited / FashionNetwork for 2023 comparison).

Etsy-reported Depop GMS (marketplace volume, USD)

FY2025 GMS $1,074.9M (+36.3%) vs FY2024 $788.9M (+31.6%) (FACT, Etsy FY2025 Form 10-K; FY2024 10-K).
As of 31 Dec 2025: ~55.6M registered users, 7.0M active buyers, 3.2M active sellers; U.S. active sellers +60% YoY; 74% of GMS from U.S. buyers / 26% non-U.S.; 93% of GMS apparel; 92% of GMS on the app; 87% of buyers under 34 (FACT, Etsy FY2025 10-K). Matches 55.6M users in Depop Limited FY2025 strategic report (FACT).
Etsy did not publish a full-year Depop revenue line in the FY2025 10-K (marketplace revenue is consolidated). Beginning Q1 2026 Depop is discontinued ops on Etsy’s books; Q1 2026 Depop revenue was $59.7M vs $39.0M in Q1 2025 (FACT, Etsy Q1 2026 10-Q discontinued-ops note) — partial; not annualized.

Take rate (INFERENCE)

Using Depop Limited FY2025 revenue £140.8m × REF_FX GBP 1.27 ≈ $178.8M, ÷ Etsy-reported Depop GMS $1,074.9M ≈ ~16.6% of GMS (INFERENCE; different reporting bases/currencies — treat as rough).

Pricing / monetization (FACT, Depop Help Centre)

UK, US, Australia sellers: no Depop selling fee; payment processing via Depop Payments (Stripe): UK 2.9%+£0.30, US 3.3%+$0.45, AUS 2.6%+A$0.30 (seller fees).
UK/US buyers: Marketplace fee up to 5% of item price + up to £/$1 (ex tax/shipping); Australia buyers from 22 Jul 2026 similar in AUD (Marketplace fee).
Sellers outside UK/US/AUS: 10% selling fee + PayPal processing.
Boosted listings: 12% (UK/US from 23 Mar 2026) or 8% elsewhere.
Fee structure evolved 2024: removed seller fees in UK then US, introduced buyer Marketplace fee (FACT, Depop newsroom; Etsy 10-K).

Product / shipping

App-first social discovery marketplace; AI listing tools auto-fill from photos (FACT, Depop Limited FY2025 strategic report; How Depop works).
Depop Shipping: prepaid labels paid by buyer — USPS (US), Evri (UK); free for sellers when used (FACT, Depop blog).
Depop Protection for eligible Buy-button purchases (FACT, Marketplace fee help).

International

Home / HQ: United Kingdom. Lead markets: U.S., U.K., Australia (FACT, Depop Limited FY2025 strategic report).
GMS geography (buyer location): 74% U.S. / 26% non-U.S. in FY2025 (FACT, Etsy 10-K) — GMS proxy, not revenue.
No Depop-only revenue-by-country in UK accounts or Etsy 10-K. Entry mode: digital-only app/web.

Not found / not used

No full-year Depop revenue in Etsy consolidated statements for FY2025 (use UK statutory for revenue).
Do not annualize Q1 2026 discontinued-ops revenue.
Blog “30M+ users / 150+ countries” is marketing and older than the 55.6M 10-K figure — prefer 10-K / accounts.

# Depop — research brief Labels: **FACT** = company or filing source · **SECONDARY** = press / third party · **INFERENCE** = our arithmetic or reading. ## Company - Community-powered C2C fashion resale marketplace founded 2011 (Milan; HQ London since 2013); Depop Limited (UK company 08316342) (FACT, Depop Limited FY2025 accounts; Depop about / partner materials). - Mission: “Make Fashion Circular” — buy, sell and discover secondhand fashion (FACT, Etsy FY2025 10-K; eBay close PR). - Owned by Etsy, Inc. from 2021 until **30 July 2026**, when eBay completed the acquisition for about **$1.4B cash** ($1.2B base + ~$200M net purchase-price adjustments and interest) (FACT, [eBay close PR](https://investors.ebayinc.com/investor-news/press-release-details/2026/eBay-Completes-Acquisition-of-Depop/default.aspx), [Etsy close PR](https://investors.etsy.com/news-events/press-releases/detail/224/etsy-completes-sale-of-depop), Etsy 8-K exhibit). - As part of eBay, Depop keeps its brand, platform, customer experience and culture (FACT, eBay close PR). CEO Peter Semple (appointed July 2025 while under Etsy) (FACT, Depop Limited FY2025 strategic report; eBay close PR quotes him as CEO). ## Financials ### Depop Limited UK statutory accounts (year ended 31 Dec) — primary entity revenue - **FY2025:** revenue **£140,785,365** vs £101,584,639 in FY2024 (**+38.6%**); cost of sales £45.1m; gross profit £95.7m; operating loss **(£54.5m)** vs (£42.0m); loss for the year **(£53.3m)** vs (£40.4m); tax credit £1.2m (FACT, Depop Limited full accounts made up to 31 Dec 2025, Companies House, filed 7 Aug 2026; Statement of Comprehensive Income p.14). - Strategic report rounds FY2025 revenue to **£140.8m (+39%)**, operating loss (£54.5m), cash £13.3m, average monthly employees **436** (FACT, same accounts, Strategic Report). - **FY2024:** revenue £101.6m (+42% vs 2023 £71.3m per SECONDARY press on earlier filing); operating loss (£42.0m) (FACT for 2024 vs 2025 columns in FY2025 accounts; SECONDARY FashionUnited / FashionNetwork for 2023 comparison). ### Etsy-reported Depop GMS (marketplace volume, USD) - **FY2025 GMS $1,074.9M (+36.3%)** vs FY2024 **$788.9M (+31.6%)** (FACT, [Etsy FY2025 Form 10-K](https://www.sec.gov/Archives/edgar/data/1370637/000137063726000019/etsy-20251231.htm); FY2024 10-K). - As of 31 Dec 2025: ~**55.6M** registered users, **7.0M** active buyers, **3.2M** active sellers; U.S. active sellers +60% YoY; **74%** of GMS from U.S. buyers / **26%** non-U.S.; **93%** of GMS apparel; **92%** of GMS on the app; **87%** of buyers under 34 (FACT, Etsy FY2025 10-K). Matches 55.6M users in Depop Limited FY2025 strategic report (FACT). - Etsy did **not** publish a full-year Depop revenue line in the FY2025 10-K (marketplace revenue is consolidated). Beginning Q1 2026 Depop is discontinued ops on Etsy’s books; Q1 2026 Depop revenue was **$59.7M** vs $39.0M in Q1 2025 (FACT, Etsy Q1 2026 10-Q discontinued-ops note) — **partial; not annualized**. ### Take rate (INFERENCE) - Using Depop Limited FY2025 revenue £140.8m × REF_FX GBP 1.27 ≈ **$178.8M**, ÷ Etsy-reported Depop GMS $1,074.9M ≈ **~16.6%** of GMS (INFERENCE; different reporting bases/currencies — treat as rough). ## Pricing / monetization (FACT, Depop Help Centre) - **UK, US, Australia sellers:** no Depop selling fee; payment processing via Depop Payments (Stripe): UK 2.9%+£0.30, US 3.3%+$0.45, AUS 2.6%+A$0.30 ([seller fees](https://depophelp.zendesk.com/hc/en-gb/articles/360001791127-Seller-fees-and-charges)). - **UK/US buyers:** Marketplace fee up to **5% of item price + up to £/$1** (ex tax/shipping); Australia buyers from 22 Jul 2026 similar in AUD ([Marketplace fee](https://depophelp.zendesk.com/hc/en-gb/articles/21752555753361-What-is-the-Marketplace-fee)). - Sellers **outside** UK/US/AUS: **10%** selling fee + PayPal processing. - **Boosted listings:** 12% (UK/US from 23 Mar 2026) or 8% elsewhere. - Fee structure evolved 2024: removed seller fees in UK then US, introduced buyer Marketplace fee (FACT, [Depop newsroom](https://news.depop.com/company-news/depop-removes-selling-fees-in-the-united-states-evolves-fee-structure/); Etsy 10-K). ## Product / shipping - App-first social discovery marketplace; AI listing tools auto-fill from photos (FACT, Depop Limited FY2025 strategic report; [How Depop works](https://www.depop.com/blog/how-does-depop-work/)). - Depop Shipping: prepaid labels paid by buyer — USPS (US), Evri (UK); free for sellers when used (FACT, Depop blog). - Depop Protection for eligible Buy-button purchases (FACT, Marketplace fee help). ## International - Home / HQ: United Kingdom. Lead markets: **U.S., U.K., Australia** (FACT, Depop Limited FY2025 strategic report). - GMS geography (buyer location): 74% U.S. / 26% non-U.S. in FY2025 (FACT, Etsy 10-K) — **GMS proxy, not revenue**. - No Depop-only revenue-by-country in UK accounts or Etsy 10-K. Entry mode: digital-only app/web. ## Not found / not used - No full-year Depop revenue in Etsy consolidated statements for FY2025 (use UK statutory for revenue). - Do not annualize Q1 2026 discontinued-ops revenue. - Blog “30M+ users / 150+ countries” is marketing and older than the 55.6M 10-K figure — prefer 10-K / accounts.