Etsy, Inc., which operates two-sided online marketplaces that connect millions of passionate and creative buyers and sellers around the world, announced the completion of its previously-announced acquisition of Elo7. The Elo7 marketplace specializes in unique, handmade items, and is ranked as a top 10 ecommerce site in Brazil.
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Josh Silverman, Etsy, Inc. CEO, said, “Elo7 is a great addition to Etsy’s House of Brands portfolio, which, upon completion of our acquisition of Depop, will include four highly differentiated, non-commoditized and loved ecommerce brands that share similar levers of growth to unlock value. We see significant potential in Brazil’s ecommerce sector, which is still in early stages of development and fueled by one of the largest economies in the world. We believe having a well known local brand will help Etsy, Inc. to better capitalize on this opportunity.”
There are a number of similarities between Elo7 and the rest of Etsy’s House of Brands portfolio, such as the emphasis on improving search and discovery, building human connections, and making selling and buying easier. As previously announced, the marketplace will operate independently, while benefiting from shared expertise in product, marketing, technology, and customer support.