UK peer-to-peer fashion app Depop sets its sights on Asia
Image credit: PA/PA Wire
Peer-to-peer fashion marketplace app Depop has announced plans for further expansion, taking the app to consumers in eastern Europe and Asia in the near future.
The UK tech success story – which attracts an audience of approximately one-third of 15 to 24-year-old Britons – said it has more countries on the continent in its sights, with plans to launch the app soon in Japan and South Korea.
According to Depop chief executive Maris Raga, the company will also use some of its recent $62m (£50m) fundraising to expand further across America, which already accounts for around 30 per cent of its revenues and user base.
Sales on the app surged by 85 per cent in 2018, with the group stating that an “impressive double-digit growth is set to be maintained this year”. Raga also said that as well as fuelling its own success, it is also creating a swarm of young entrepreneurs.
Some of Depop’s biggest sellers are earning more than £300,000 a year from selling second-hand items on the app. For many users, it has already become a full-time venture.
“One of the things that excites me the most about Depop is the empowering of young people to build a business in an easy way,” said Raga.
Also according to Raga, the most successful Depop sellers have the usual entrepreneurial qualities – “hard-working, being passionate” – but are also very good curators and know how to style photos to make sales.
“We’re making it extra easy for them to get the ball rolling and it’s up to them to take it to the next level,” she added. “We’ve got a number of sellers that are making not just a living, but serious business.”
Depop is becoming the new eBay for fashion-savvy teenagers and offers them a unique way to gain financial skills and business acumen by building mini empires from their bedrooms. Since it was founded in 2011, the app has now accumulated more than 15 million users.
While Depop still generates around 60 per cent of its revenues in the UK, its global plans are putting it on course to become a worthy contender to its more established rivals, such as eBay.
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