E-commerce firm Etsy (NASDAQ:ETSY) has acquired “Elo7,” a Brazilian on-line market specializing in made-to-order merchandise, for $217 million U.S. in a transfer designed to develop into Latin America.
The deal comes weeks after Etsy acquired Depop, an internet site for getting and promoting second-hand clothes that’s well-liked amongst Gen Z customers.
Like Depop and Reverb, a music market bought by Etsy in 2019, Elo7 will proceed to be run by its current administration workforce and as an impartial market as soon as the deal closes within the third quarter of this yr.
Both Etsy and Elo7’s web sites join consumers and sellers fascinated about selfmade objects that embrace equipment, toys and clothes. Founded in 2008, Elo7 has 56,000 lively distributors promoting to over 1.9 million consumers in Brazil.
Brazil has the most important e-commerce market in Latin America primarily based on consumer numbers, in line with JPMorgan (NYSE:JPM), which served as unique monetary adviser to Etsy on the Elo7 all-cash buy.
Shares of Etsy rose 7% after the Elo7 deal was introduced, closing at $198.41 on June 28.