Etsy news and archive

Etsy posts increase in Q2 revenue, but profits narrow

Online marketplace Etsy has reported an increase in revenue but drop in profit in the second quarter. The US e-commerce giant posted a 7.5 percent increase in revenue to 628.9 million dollars in the three months to June 30. That came as its net profit narrowed to 61.9 million dollars from 73.1 million dollars the prior year. Meanwhile,...

Business

Etsy accused of withholding payments from sellers

Online marketplace Etsy has faced criticism from its sellers after implementing a "reserve system" that withholds 75 percent of their earnings for 45 days. Hundreds of small businesses received an email from Etsy regarding this new policy, leading to significant financial difficulties for sellers who rely on the funds for materials and daily...

Business

Etsy reveals winners of 2023 Design Awards

Marketplace platform Etsy has named the winners of its 2023 Design Awards, for which 18 “outstanding” pieces have been selected as the honourees for the fifth edition. In a statement, actor and producer Sarah Jessica Parker, who judged this year’s entries alongside Etsy trend expert Dayna Isom Johnson, said: “When it came down to selecting the...

Business

Etsy Q1 revenue ahead of estimates, profits narrow

US e-commerce giant Etsy beat revenue estimates in the first quarter of the year. In the three months to March 31, consolidated revenue increased 10.6 percent to 640.9 million dollars, which was ahead of analysts’ estimates of around 622 million dollars, according to data from Refinitiv. However, the company’s net income in the quarter fell to...

Business

Etsy reports record Q4 revenue following strong holiday season

US e-commerce giant Etsy has reported record revenue in the fourth quarter, up 12.6 percent from the same period a year earlier following a “strong holiday performance”. The company, which focuses on vintage and handmade products, made net revenue of 807.2 million dollars in the final quarter ended December 31, which was ahead of estimates. Etsy...

Fashion Featured

Etsy exposed as major counterfeiting platform

Etsy this week has been exposed as a platform where counterfeit goods are easily bought and sold. A scathing report by Citron Research states “we believe management has knowingly or, at the very least, negligently, turned this company into the largest organized clearing house for counterfeit goods in the world while not only allowing the...

Business

Etsy selects new chief legal officer and corporate secretary

Online marketplace group Etsy has announced Colin Stretch has been appointed to the position of chief legal officer and corporate secretary, effective February 14, 2023. Commenting on the news, Stretch, who will also join the company’s executive team, said: "Etsy has a strong reputation as not only a prospering business, but as a leader in the...

Business

Etsy names Rachana Kumar its chief technology officer

Marketplace platform Etsy has selected its vice president of engineering Rachana Kumar as its new chief technology officer, effective January 1, 2023. She will succeed Mike Fisher, who is stepping down from the role to spend more time with his family and pursue other interests, the company said in a release. Fisher will stay in his current role...

Business

Depop swings to FY operating loss

British resale platform Depop swung to a loss last year as the strong demand it saw during the pandemic began to wane. In the 12 months to December, the company made an operating loss of 84.5 million pounds compared to a profit of 0.4 million pounds a year earlier. That came as revenue increased slightly by 2 percent to 50.1 million pounds. The...

Business

Etsy to require US sellers to verify bank accounts

Etsy has announced that it will begin requiring sellers on its US marketplace to either self verify their bank accounts or do so through a third party, which asks sellers to input their financial information into technology platform Plaid. The announcement follows the implementation of new anti-money laundering regulations in the region....

BusinessFeatured

Depop CEO to step down, Etsy appoints two new execs

Online marketplace Etsy has announced the promotion of its current chief product officer Kruti Patel Goyal to chief executive officer of its subsidiary Depop, with the resale site’s current CEO Maria Raga to step down from September 12. According to a release, Raga has resigned to “pursue personal ventures”, but will remain in an advisory...

Business

Etsy sellers go on week long strike following increase in transaction fees

A number of independent sellers on Etsy have gone on strike this week, closing their online stores in protest of the platform’s hike in transaction fees. The strike follows an announcement by the marketplace’s CEO Josh Silverman in April, who stated the company was to increase its five percent transaction fee for its sellers to 6.5 percent. In...