Online marketplace Etsy will sell its musical instrument marketplace Reverb, according to a filing with the US Securities and Exchange Commission.
The sale is expected to be completed in the upcoming months, and the company aims to streamline its operations and focus on its core Etsy marketplace and Depop, based on the filing.
Etsy previously purchased the secondhand marketplace for $275 million six years ago.
However, Reverb has been delivering a mixed performance in recent years, with gross merchandise sales that dropped to $917.9 million in 2024, compared to $942.1 million in the year before.
Etsy is another e-commerce business dealing with the effects of additional tariffs, as the company advised its customers to shop from local sellers.
Josh Silverman, CEO of Etsy, said in a call with analysts last year: “Most other players are competing head-to-head to sell the same merchandise, focused on selling at $0.02 cheaper or shipping it two hours faster, and this has resulted in the commoditization of the entire experience. But that’s just not Etsy.”
The online vintage and handcrafted marketplace was founded in 2005 and recently appointed a new Chief Technology Officer (CTO) and interim Depop CEO.
Moving forward, Rafe Colburn will assume the role of CTO at Etsy, effective 5 May, after serving at the online fashion resale marketplace Depop.
Meanwhile, e-commerce giants Shein and Temu have issued a notice to customers to expect increased prices from April 25 onwards due to the potential headwinds from the recently imposed tariffs.
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