Etsy buying Gen Z-focused clothing app Depop for $1.63 billion

Etsy is making an outsize bet on Gen Z’s vintage clothing craze.

The Brooklyn-based arts-and-crafts site said Wednesday it is buying the social shopping app Depop — which has a reputation for selling TikTok-worthy vintage clothing — for $1.63 billion in cash. London-based Depop, founded in 2011, says about 90 percent of its 30 million users across 150 countries are under the age of 26. By contrast, Etsy has a reputation for stocking cutesier vintage items and home goods that are popular among millennials and older generations. The median Etsy user is 39.