Online fashion marketplace Depop has signed the lease on a new headquarters in Farringdon, East London.
The second hand clothing app saw over 100 per cent growth in gross merchandise sales (GMS) and revenues during 2020.
Now, the brand will move from its current Shoreditch base to a site of some 30,000 sq ft of office space at 20 Farringdon Road.
Depop’s London employees will make the move from the current Curtain Road office in October.
The marketplace boasts a workforce of around 400 employees across the world with the majority based in London.
Depop employees will be neighbours with fellow Gen-Z favourite, TikTok, which signed for the nearby Kaleidoscope building earlier this year (March).
The platform was acquired by online marketplace Esty last month (July), for $1.6bn (£1.1bn) after signing up some 30m registered users across nearly 150 countries.
Etsy said the second-hand market was projected to grow at a 39 per cent compound annual growth rate in between 2019 and 2024 to reach $64bn, fuelled by young consumers.
The app recently announced a partnership with fashion rental service HURR, ‘The Loop’, appealing to younger shoppers’ desire for sustainable wardrobes.