Depop to accelerate expansion following $62m investment
today Sep 30, 2019
Depop, the secondhand fashion marketplace for millennials, has revealed ambitions international expansion plans that could see it launch further across Europe and Asia in the near future.
The London-based social shopping app has set its sights on more countries on Continental Europe as well as Japan and South Korea after seeing explosive growth in the UK and US.
The eight-year-old company recently raised $62 million (£50 million) in a Series C funding round led by General Atlantic. The investment was mainly aimed at accelerating the app’s growth in the US, but a portion of the funds will also be used to expand further across Europe and Asia, chief executive Maria Raga told news agency PA.
Depop’s mix of vintage fashion, original streetwear and independent brands is resonating well with the younger demographic, with the vast majority of the app’s user base aged 15-24.
Last year, the business posted an impressive 85% increase in sales, and double-digit growth is set to continue this year, according to the group.
The US currently accounts for 30% of the brand’s revenues and user base, and Depop is planning to drive more growth after opening physical stores in New York’s Chinatown and Silverlake, Los Angeles.
The recent fundraising followed a $20 million investment round led by Octopus Ventures with the participation of Balderton Capital, Red Circle Investments and Lumar in 2018.
Copyright © 2020 FashionNetwork.com All rights reserved.