Etsy news and archive

Even handicraft marketplace Etsy needs AI to compete, says CEO

The web platform Etsy is famous for selling cutesy handmade arts and crafts, but even a company that relies on a cottage industry of artisans is increasingly undergirded by artificial intelligence, its CEO told AFP on Tuesday. "You couldn't run Etsy without AI," Josh Silverman said on the sidelines of the Web Summit tech event in Lisbon. Etsy...

Business

Etsy reports ‘anticipated’ Q3 results, GMS takes hit

Online marketplace platform Etsy has outlined its financials for the third quarter ended September 30, 2024, in which its gross merchandise sales (GMS) dropped 4.1 percent year-over-year reflecting “incremental pressure”. The company’s marketplace GMS dropped 6 percent to 2.5 billion dollars, down 6.3 percent on a currency-neutral basis, while...

Business

Etsy posts marginal revenue growth in Q1

Online marketplace Etsy reported consolidated revenue was 646 million dollars, up 0.8 percent versus the first quarter of 2023 driven by growth in payments revenue, transaction fee revenue from offsite ads and Etsy ads. Consolidated GMS was 3 billion dollars, down 3.7 percent and down 4.1 percent on a currency-neutral basis. Etsy marketplace GMS...

Business

Etsy to cut 225 jobs amid internal reorganisation

Marketplace platform Etsy has said it will be scrapping 11 percent of its workforce, equating to around 225 jobs, amid an ongoing reorganisation of its internal structure. The announcement was made by the company’s chief executive officer, Josh Silverman, who said in an open letter that the shift was an attempt to “more closely align [Etsy’s]...

Business

Depop increases sales, narrows losses

London-based fashion marketplace Depop reported an 8 percent improvement in the annual sales to 54.3 million pounds, while the company’s losses narrowed to 59.4 million pounds. The company’s current owner Etsy Inc. said in its 2022 10-K filing: “We believe Depop has a meaningful growth opportunity given its healthy user engagement metrics,...

Business

Etsy posts increase in Q2 revenue, but profits narrow

Online marketplace Etsy has reported an increase in revenue but drop in profit in the second quarter. The US e-commerce giant posted a 7.5 percent increase in revenue to 628.9 million dollars in the three months to June 30. That came as its net profit narrowed to 61.9 million dollars from 73.1 million dollars the prior year. Meanwhile,...

Business

Etsy accused of withholding payments from sellers

Online marketplace Etsy has faced criticism from its sellers after implementing a "reserve system" that withholds 75 percent of their earnings for 45 days. Hundreds of small businesses received an email from Etsy regarding this new policy, leading to significant financial difficulties for sellers who rely on the funds for materials and daily...

Business

Etsy reveals winners of 2023 Design Awards

Marketplace platform Etsy has named the winners of its 2023 Design Awards, for which 18 “outstanding” pieces have been selected as the honourees for the fifth edition. In a statement, actor and producer Sarah Jessica Parker, who judged this year’s entries alongside Etsy trend expert Dayna Isom Johnson, said: “When it came down to selecting the...

Business

Etsy Q1 revenue ahead of estimates, profits narrow

US e-commerce giant Etsy beat revenue estimates in the first quarter of the year. In the three months to March 31, consolidated revenue increased 10.6 percent to 640.9 million dollars, which was ahead of analysts’ estimates of around 622 million dollars, according to data from Refinitiv. However, the company’s net income in the quarter fell to...

Business

Etsy reports record Q4 revenue following strong holiday season

US e-commerce giant Etsy has reported record revenue in the fourth quarter, up 12.6 percent from the same period a year earlier following a “strong holiday performance”. The company, which focuses on vintage and handmade products, made net revenue of 807.2 million dollars in the final quarter ended December 31, which was ahead of estimates. Etsy...

Fashion Featured

Etsy exposed as major counterfeiting platform

Etsy this week has been exposed as a platform where counterfeit goods are easily bought and sold. A scathing report by Citron Research states “we believe management has knowingly or, at the very least, negligently, turned this company into the largest organized clearing house for counterfeit goods in the world while not only allowing the...

Business

Etsy selects new chief legal officer and corporate secretary

Online marketplace group Etsy has announced Colin Stretch has been appointed to the position of chief legal officer and corporate secretary, effective February 14, 2023. Commenting on the news, Stretch, who will also join the company’s executive team, said: "Etsy has a strong reputation as not only a prospering business, but as a leader in the...