Etsy Names Product Chief as CEO of its Gen-Z Fashion Marketplace Depop
Last week, Etsy revealed that its Chief Product Officer Kruti Patel Goyal has been named CEO of its secondhand fashion resale subsidiary Depop.
Depop's current CEO, Maria Raga, will formally hand over the CEO title on September 12 and remain as an advisor until September 30. Etsy said Raga is resigning "to pursue personal ventures."
In the Brooklyn-based company's announcement, Silverman said Depop is early in its growth lifecycle and expressed his full support for Goyal. He added that she “has guided Etsy through periods of significant transformation, with a proven track record of motivating teams to deliver results and advance our mission."
Goyal has worked in various roles at the e-commerce brand since joining in 2011. Over the past decade, she oversaw Etsy's seller services business, managed its corporate development, led the international growth team and served as the first leader of its marketplace integrity and trust and safety teams. Before Etsy, Goyal worked in strategy and business development at Viacom and Product (RED).
Etsy closed its $1.6 billion Depop acquisition in July 2021 and reports that the clothing resale marketplace's “make an offer” feature, which allows buyers to submit offers to sellers on products they want to buy, has enhanced buyer conversion and sale frequency. Etsy also credits its Depop purchase with improving brand awareness among Gen-Z consumers.
Moving forward, Etsy may leverage Goyal's deep understanding of its own business to grow Depop and develop further synergies. Goyal will also likely work alongside Daniel to integrate popular Depop features, such as the offerfunction, into Etsy's core platform.