BROOKLYN, N.Y., July 6, 2021 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, today announced the completion of its previously-announced acquisition of Elo7. The Elo7 marketplace specializes in unique, handmade items, and is ranked as a top 10 ecommerce site in Brazil.
Josh Silverman, Etsy, Inc. CEO, said, "Elo7 is a great addition to Etsy's House of Brands portfolio, which, upon completion of our acquisition of Depop, will include four highly differentiated, non-commoditized and loved ecommerce brands that share similar levers of growth to unlock value. We see significant potential in Brazil's ecommerce sector, which is still in early stages of development and fueled by one of the largest economies in the world. We believe having a well known local brand will help Etsy, Inc. to better capitalize on this opportunity."
There are a number of similarities between Elo7 and the rest of Etsy's House of Brands portfolio, such as the emphasis on improving search and discovery, building human connections, and making selling and buying easier. As previously announced, the marketplace will operate independently, while benefiting from shared expertise in product, marketing, technology, and customer support.
Etsy, Inc. operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world. Our primary marketplace, Etsy.com, is the global destination for unique and creative goods. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs. In addition, Etsy, Inc. owns musical instrument marketplace Reverb as well as Elo7, the Brazil-based marketplace for handmade and unique items.
Etsy's mission is to keep commerce human, and we're committed to using the power of business to strengthen communities and empower people. Our company was founded in 2005 and is headquartered in Brooklyn, New York.
Cautionary Statement Regarding Forward-Looking Statements
This press release (including statements quoted in this press release) contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements related to our potential addressable market, the post-closing operations of the Elo marketplace, the potential of Elo7's business, and the anticipated closing of the pending acquisition of Depop.
Forward-looking statements include all statements that are not historical facts. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those we expect. These risks and uncertainties include, among others, the possibility that the conditions to the closing of the acquisition of Depop may not be satisfied or waived or that other events may cause the acquisition to not be completed, the potential impact to the business of Elo7 or Elo7's relationships with its marketplace community due to the closing of the acquisition, Etsy's ability to successfully integrate the acquisition and execute on its business plan and "house of brands"' operating model, and general economic conditions and political, regulatory, economic and social conditions in Brazil and Latin America, many of which are beyond Etsy's control, and other risks and uncertainties that are more fully described in Etsy's filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in Etsy's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and subsequent reports that Etsy files with the Securities and Exchange Commission. In light of such risks, readers are cautioned not to place undue reliance on such forward-looking statements.
Forward-looking statements represent Etsy's beliefs and assumptions only as of the date of this press release. Etsy disclaims any obligation to update forward-looking statements, except as required by law.
Investor Relations Contact:
Etsy, Deb Wasser, Vice President, Investor Relations and ESG Engagement: firstname.lastname@example.org or
Etsy, Gabe Ratcliff, Director, Investor Relations: email@example.com
Media Relations Contact:
Etsy, Kelly Clausen, Senior Director, Corporate Communications
SOURCE Etsy, Inc.