Etsy and depop hitched up, and I've already been asked about it a couple of times about it, so I figure people are curious.

It's brilliant.

First things first, I don't think the depop brand and vibe is going anywhere.

Second, Josh Silverman has the benefit of somewhat of a second-mover advantage in the marketplace space. By this I mean, they can avoid all eBay's mistakes - mostly avoiding being attacked by vertical-specific competitors.

Why does goat and StockX even exist, you can ask yourself. The answer can only be that eBay squandered its lead. You can go down the line with places like ThredUp and TheRealReal also. The hits go on. The short answer is, any GMV category over $1B in Etsy's portfolio is an acquisition target. Apparel is one of those.

And what exactly are the synergies?

• Supply chain

• Payments

• Customer insights

• Advertising network scale

• Marketplace growth strategies (in some ways, Etsy is it's own marketplace rollup company).

Most of these have a "data' component to them, but there are hard cost savings to payments and supply chain that could be achieved.