Etsy Names Former Head Of Depop, Kruti Patel Goyal, As Its New Ceo

In Brief

Online marketplace Etsy said connected Wednesday that its long-time CEO, Josh Silverman, would measurement down by nan extremity of nan year.

Kruti Patel Goyal, Etsy’s president and main maturation officer, will go nan company’s adjacent CEO. Silverman, who headed nan marketplace for 8 years, will go its executive chairman.

Goyal worked astatine Etsy for much than 10 years until she was named nan CEO of social-commerce level Depop, which Etsy bought 4 years ago. She has been successful her existent domiciled for astir 7 months.

Etsy has faced challenges successful increasing its business and whitethorn beryllium looking to Goyal’s acquisition starring Depop to thief revive growth. In its third quarter ended September 30, nan number of progressive buyers connected Etsy fell 5% to 86.6 cardinal from a twelvemonth earlier. The institution knowledgeable a user boycott successful July aft allowing nan waste of merchandise branded pinch “Alligator Alcatraz” connected its site.

Sellers connected Etsy declined by 10.9% to 5.5 cardinal successful nan 3rd quarter, compared to a twelvemonth earlier. Gross merchandise income (GMS) for nan 4th dropped 2.4% to $2.4 billion.

In contrast, Depop performed well, pinch nan number of progressive sellers rising 40% to 3 cardinal and progressive buyers expanding 38% to 6.6 million. Depop’s GMS jumped 39.4% to $292.1 million.

Following nan news, Etsy’s shares were down astir 9%.

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