LatamList – Etsy announced the acquisition of Elo7, the “Etsy of Brazil” for $217M. The move is part of Etsy’s global expansion after recently acquiring Depop.
Etsy is a boutique marketplace for SMEs that operates across the globe. The platform was already active in Brazil, however, the acquisition of Elo7 will give Etsy a much bigger presence in the market.
Elo7 is one of the 10 biggest e-commerce sites in the region with 1.9 million active buyers and 56,000 active sellers.The platform will remain as a standalone brand and continue to be operated by its current management team out of Sāo Paulo.
“Elo7 is the ‘Etsy of Brazil’ with a purpose and business model similar to our own,” said Josh Silverman, CEO of Etsy. “This transaction will establish a foothold for us in Latin America, an under-penetrated e-commerce region where Etsy currently does not have a meaningful customer base.”
The synergies between the two companies’ business models make the acquisition a natural decision, following similar business methods previously adopted by Amazon and eBay who also bought up similar players in their industries.
“Etsy has always been an inspiration and a reference for us, and we’re excited to continue our growth as part of Etsy – a company whose mission and culture so closely matched our own,” said Carlos Curioni, CEO of Elo7.
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