EBay Adds Depop Amid Ongoing Investments in Focus Categories and Artificial Intelligence

We hold a positive view of eBay's strategic framework. After divesting a number of noncore segments, its marketplace looks similar to the vibrant platform of the early 2000s, with the firm leaning into its core competency of price discovery for non-new, in-season wares. After unsuccessful forays into fulfillment services and low-value customer segments, the company has prioritized its core focus categories, with expansion into authentication services, tuck-in acquisitions, and vertical investments driving healthy growth for eBay's most distinct inventory. Most recently, the firm has agreed to buy Depop (scheduled to close in 2026), an online fashion marketplace, from Etsy. This represents an investment in one of eBay's focus categories, fashion, which produced more than $10 billion in GMV in 2025.