Companies
Etsy’s Irish holding company to write down investment in Depop a year after $1.6bn acquisition
Holding company of Etsy in Ireland says issues faced by fashion resale app Depop ‘may ultimately reduce or eliminate the benefits to Etsy of the acquisition’
The holding company for Etsy in Ireland expects to write down the value of its investment in Depop, the Gen Z fashion app it acquired in 2021, possibly by hundreds of millions of dollars.
Recently filed accounts show Etsy Ireland Holding owns 100 per cent of shares in Depop Limited, the British-based company acquired by Etsy for more than $1.6 billion only last year.
According to the accounts, however, directors at Etsy now believe that ...
