Etsy names new CEO for its fashion resale subsidiary Depop

Posted on July 20th, 2022

Etsy Inc. has named Kruti Patel Goyal, its current chief product officer, to lead its fashion resale marketplace subsidiary Depop as its CEO.

Goyal will take over the new role Sept. 12. Maria Raga, Depop's current CEO, will remain with Depop in an advisory capacity until Sept. 30. Nick Daniel, currently Etsy’s vice president of product management, will take over as chief product officer.

Goyal has been with Etsy for 11 years, previously leading the company’s seller services, corporate development, international and marketplace integrity teams.

Both Goya and Daniel will report to Etsy CEO Josh Silverman. Goya will relocate to London, where Depop is headquartered.

Etsy (Nasdaq: ETSY) acquired Depop last year for $1.625 billion, securing a position in the fast-growing clothing resale space and an inroad to a younger market. After the acquisition, Depop continued as a standalone business run by its existing leadership team, led by CEO Raga.

The site is primarily known for its vintage, streetwear, one-of-a-kind and Y2K (late 1990s/early 2000s) fashion.

"After eight years of scaling Depop from a small enterprise to being a part of Etsy's House of Brands, I'm excited to now pass the baton to someone who can take Depop to the next level,” Raga said. “Working with Kruti for the past year, I have consistently been impressed by her extraordinary track record and empathetic leadership. I could not have wished for a better successor and I am confident she will do amazing things for Depop."

Before joining Etsy, Goya worked in strategy and business development at Viacom and at Product (RED). She began her career in M&A at Morgan Stanley and at General Atlantic Partners as a growth equity investor in technology businesses.

She holds a BA in Economics from Stanford University and an MBA from Harvard University.

In addition to Etsy and Depop, Etsy Inc.’s portfolio of two-sided marketplaces includes musical instrument marketplace Reverb and Brazil-based handmade goods marketplace Elo7, also purchased last year, for $217 million.

Etsy was founded in 2005 and is headquartered in Brooklyn, New York. The company plans to release its second-quarter 2022 financial results July 27.

Source: Bizjournals