1. eBay for handmade and vintage items.

2. Amazon for artisans and unique crafts.

• Etsy.com Marketplace: The primary online marketplace connecting artisans and entrepreneurs with consumers for handmade, vintage, and unique items.
• Reverb Marketplace: An online marketplace dedicated to buying and selling musical instruments.
• Depop Marketplace: An online fashion resale marketplace.
• Elo7 Marketplace: A Brazil-based online marketplace for handmade and unique items.
• Etsy Payments: A payment processing service provided to sellers on its platforms.
• Etsy Ads: An advertising platform enabling sellers to promote their products to buyers.
• Shipping Labels: A service allowing sellers to purchase discounted shipping labels for their orders.
• Seller Tools (e.g., Shop Manager, Sell on Etsy App, Analytics): A suite of tools including a centralized dashboard, mobile application, and analytics pages for managing shops, orders, and inventory.
• Seller Support & Educational Resources: Content and features like blog posts, video tutorials, a seller handbook, and online forums to assist and educate sellers.
• Star Seller Program: A recognition program designed to reward sellers for providing excellent customer service and fulfilling orders efficiently.

Etsy (ETSY) primarily serves individuals, both on the selling and buying sides of its marketplaces. Its major customer categories are:

1. Artisans and Entrepreneurs (Sellers): These are individuals and small businesses who create and sell handmade goods, vintage items, craft supplies, musical instruments, and fashion resale items through Etsy's various platforms (Etsy.com, Reverb, Depop, Elo7). They are customers for Etsy's seller services, paying for listing fees, transaction fees, payment processing (Etsy Payments), advertising (Etsy Ads), shipping labels, and various other tools and resources designed to help them manage and grow their shops.
2. Consumers (Buyers): These are individuals who visit Etsy's online marketplaces to discover and purchase unique items from sellers. While they do not directly pay Etsy for the goods themselves (they pay the sellers), they are integral to the marketplace ecosystem. Etsy provides them with a platform for discovery, secure payment processing through Etsy Payments, and a trusted environment for their transactions.

Kruti Patel Goyal, Chief Executive Officer

Kruti Patel Goyal became Etsy's Chief Executive Officer on January 1, 2026, succeeding Josh Silverman. She previously served as Etsy's President and Chief Growth Officer starting in January 2025, overseeing Product, Marketing, Member Support, Trust and Safety, and Strategy and Operations. Prior to that, from 2022 to 2025, Goyal was the CEO of Depop, an Etsy subsidiary, where she led growth and strengthened the marketplace. She joined Etsy in 2010 and has held various leadership roles, including Chief Product Officer, Chief Operating Officer, and Head of Marketplace Integrity and Trust & Safety. Her career began in mergers and acquisitions at Morgan Stanley and as a growth equity investor at General Atlantic Partners.

Lanny Baker, Chief Financial Officer

Lanny Baker joined Etsy as Chief Financial Officer effective the first week of January 2025, succeeding Rachel Glaser. Before joining Etsy, Baker served as the Chief Operating Officer and previously as Chief Financial Officer of Eventbrite, a global events marketplace.

Josh Silverman, Executive Chairman

Josh Silverman served as Etsy's Chief Executive Officer from 2017 until December 2025, transitioning to Executive Chair on January 1, 2026, a role he will hold through December 31, 2026. He co-founded Evite, Inc., which was acquired by IAC/InterActiveCorp in 2001. Silverman's prior leadership roles include CEO of Shopping.com (an eBay company) from 2006 to 2008 and CEO of Skype from 2008 to 2010. He also served as President of Consumer Products and Services at American Express from 2011 to 2015. Silverman was an Executive-in-Residence at Greylock Partners and a Senior Operating Advisor at Hellman & Friedman, a private equity firm.

Brad Minor, Chief Marketing Officer

Brad Minor was appointed Chief Marketing Officer of Etsy effective the first week of January 2025. He previously held the position of Chief Brand Officer at Etsy, which he joined in 2022. In his role as Chief Brand Officer, Minor was responsible for developing and executing Etsy's brand strategy, including initiatives like the gifting strategy and brand mission campaign.

Rafe Colburn, Chief Product and Technology Officer

Rafe Colburn is Etsy's Chief Product and Technology Officer.

Key Risks to Etsy's Business

1. Intense Competition and Market Share Erosion: Etsy operates in a highly competitive e-commerce landscape, facing aggressive challenges from a variety of platforms. These competitors include fast-fashion retailers like Temu and Shein, general e-commerce giants such as Amazon and AliExpress, and other specialized marketplaces like Amazon Handmade and Shopify-based stores. This heightened competition is leading to market share losses, a decline in active buyers and Gross Merchandise Volume (GMV) per active buyer, and puts pressure on Etsy's core value proposition of unique, handmade, and vintage items. The influx of mass-manufactured and overseas products on various platforms, and even within Etsy's own ecosystem, further dilutes its brand and makes it challenging for genuine artisans to gain visibility.
2. Cyclicality of Discretionary Consumer Spending: Etsy's business performance is significantly influenced by macroeconomic factors, making it vulnerable to economic downturns and inflationary pressures. Products typically sold on Etsy, such as furniture, apparel, and jewelry, are often considered discretionary purchases. During periods of economic uncertainty, consumers tend to reduce spending on such items, which can directly lead to declining Gross Merchandise Sales (GMS) and a shrinking base of active buyers and sellers on the platform. This indicates that the business may be more cyclical than previously perceived.
3. Seller Dependence, Platform Integrity, and Regulatory Compliance: Etsy's operational success is intrinsically linked to the health and satisfaction of its seller community. Risks include potential seller attrition due to increasing fees, brand dilution caused by the presence of mass-produced goods, and challenges in maintaining a trustworthy and safe marketplace, which can be undermined by fraud, counterfeit items, or even mistaken account suspensions. Furthermore, operating globally subjects Etsy and its sellers to a complex and evolving regulatory environment, particularly concerning product safety and consumer protection laws (e.g., the EU's General Product Safety Regulation). Compliance with these regulations can impose significant burdens, potentially leading to costly changes in business practices for Etsy and its sellers, and may even result in listing removals or account suspensions for non-compliance.

Etsy, Inc. operates several online marketplaces, each catering to distinct addressable markets globally and in specific regions.

Etsy.com (Handmade, Vintage, and Craft Supplies)

• The global market for handmade and crafts was estimated to be over $906 billion in 2024. This market is projected to reach approximately $1.94 trillion by 2033.
• In the U.S. alone, the handmade goods market is estimated to be worth over $268 billion.

Depop (Fashion Resale Marketplace)

• The global secondhand apparel market was estimated at $190 billion in 2024. It is projected to reach $367 billion by 2029, or $350 billion by 2028.
• The U.S. secondhand market is projected to reach $74 billion by 2028, or $73 billion by 2028, or $70 billion by 2027.
• Specifically, the global vintage fashion market was valued at $100 billion in 2025 and is projected to reach $250 billion by 2033.

Reverb (Musical Instrument Marketplace)

• The global musical instrument market size was estimated at $17.52 billion in 2025 and is projected to reach $31.40 billion by 2033. Another estimate places the global musical instrument market size at $20.94 billion in 2025, projected to grow to $36.76 billion by 2034.
• The worldwide musical instruments e-commerce market generated an e-commerce revenue of $24.503 billion in 2025.

Elo7 (Brazil-based Marketplace for Handmade and Unique Items)

• The Brazil Handicraft market size was valued at $24.078 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 10.6% during the forecast period.
• Another estimate for the Brazil handicrafts market size in 2024 is $15.87 billion, with a projection to reach $58.60 billion by 2035.
• The Brazil art and craft market size was $1.859 billion in 2025 and is projected to reach $3.678 billion by 2034.

Etsy (ETSY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Enhanced Monetization of Seller Services: Etsy anticipates increasing its "take rate"—the percentage of Gross Merchandise Sales (GMS) retained as revenue—primarily by expanding and optimizing its seller services. Etsy Ads, a key contributor to recent growth, is expected to continue to be a primary driver through improvements in ad relevance and localization for international markets. Payments revenue also plays a role in this increased monetization.
2. Growth in Active Buyers and Increased Purchase Frequency: Etsy aims to expand its active buyer base through improved acquisition and reactivation efforts. A significant focus is on driving higher purchase frequency and average order value from both new and existing buyers. This includes strategic marketing initiatives and efforts to make the platform a go-to destination for gifting.
3. Leveraging Artificial Intelligence and Personalization: The company is making significant investments in artificial intelligence (AI) and machine learning (ML) to enhance buyer discovery, personalize experiences, and improve inventory matching. These technological advancements are designed to drive engagement, increase conversion rates, and strengthen the overall buyer journey on the platform.
4. Mobile App Optimization and International Market Growth: Etsy is prioritizing its mobile application, which has shown to outperform the broader marketplace in GMS growth. Continuous improvements to the app are aimed at attracting and retaining buyers, particularly younger demographics, and showing up earlier in the shopping journey. Additionally, strong international buyer growth is expected to continue contributing to overall revenue expansion.

Share Repurchases

• Etsy repurchased approximately $576.968 million in shares during 2023.
• In 2024, Etsy repurchased approximately $723.899 million in shares.
• Etsy's Board of Directors approved a new stock repurchase program in October 2024, authorizing the repurchase of up to an additional $1 billion of common stock. The company repurchased approximately $777 million for the full year 2025.

Share Issuance

• Etsy completed a private placement of convertible notes, raising approximately $700 million in cash during the second quarter of 2025.
• The number of outstanding shares for Etsy was 127.022 million at the end of 2021, and decreased to 99.334 million by March 2026, primarily influenced by share buybacks.

Inbound Investments

• During the second quarter of 2025, Etsy completed a private placement of convertible notes, raising approximately $700 million in cash.

Outbound Investments

• Etsy acquired Depop for $1.62 billion in June 2021 and Elo7 for $217 million in the same year.
• Etsy sold Reverb, its musical instrument marketplace, to private investors in 2025.
• The company sold Depop to eBay for approximately $1.2 billion in February 2026, which was less than the original acquisition price.

Capital Expenditures

• Etsy's capital expenditures were $11.248 million in 2021, $10.237 million in 2022, $12.938 million in 2023, and $14.208 million in 2024.
• For the fiscal year ending December 2025, capital expenditures peaked at $18.154 million.
• Etsy's forecast for capital expenditures in 2026 is approximately $47.33 million. The company plans to continue investing in product experience and AI capabilities.