Depop's operating loss narrows amid strong revenue growth

Depop Limited, the circular fashion marketplace headquartered in London, achieved strong financial results for the year ended December 31, 2024, reporting a 42 percent surge in revenue and a 14 percent reduction in operating loss. Revenue for the year rose to 101.6 million pounds, while the operating loss narrowed to 42 million pounds from 49.1 million pounds in 2023. This growth was driven by expanding market share, with Depop being the fastest-growing U.S. online apparel marketplace in 2024, despite a decline in the UK market.

Depop's community reached 43.5 million registered users worldwide, a significant increase from 35 million in 2023, primarily concentrated in key markets like the U.S., U.K., and Australia. In a filing, the company said that it achieved strong gross merchandise sales (GMS) growth, supported by the evolution of its fee structure, which removed seller fees in the U.K. and U.S. and replaced them with a buyer marketplace fee, resulting in a "meaningful acceleration in listings".

The company continued to invest in growth by enhancing the seller experience with AI-powered listing tools and real-time market price guidance. Additionally, Depop delivered its best-ever year in paid marketing-driven GMS and strengthened security with AI-driven fraud detection.

As a key player in the circular economy, Depop estimates that over 100 million secondhand items have been given a second life through the platform since its founding. The global secondhand apparel market is forecasted to grow approximately three times faster than the broader global apparel market through 2028.

Looking ahead, Depop is committed to sustaining its growth by continuing to invest in AI, machine learning, and automation to enhance platform functionality and refine marketing strategies, particularly in high-growth regions like the U.S. and Australia. The company, which remains reliant on its parent company, Etsy, Inc., for working capital, received a post-balance sheet contribution of 12 million pounds to support its operational existence.

Depop also completed a leadership transition in 2025, with CEO Kruti Patel Goyal stepping down to rejoin Etsy, Inc., and chief marketing officer Peter Semple taking on the role of interim CEO.