Depop Names Kruti Patel Goyal CEO, Replacing Maria Raga
LONDON — One year after its acquisition by Etsy Inc., fashion resale app Depop is welcoming a new chief executive officer — Kruti Patel Goyal, currently Etsy’s chief product officer.
She will take up her job on Sept. 12, succeeding the longtime CEO Maria Raga. Goyal will relocate to London, where Depop is headquartered.
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Etsy said Wednesday that Raga has resigned “to pursue personal ventures,” but will remain with Depop in an advisory capacity until Sept. 30 to facilitate a smooth transition.
Etsy CEO Josh Silverman described Depop as “still early in its growth life cycle. I have no doubt Kruti is the right leader for Depop’s next chapter as we focus on nurturing its passionate community and improving the customer experience. She has guided Etsy through periods of significant transformation, with a proven track record of motivating teams to deliver results and advance our mission.”
Raga said that after eight years of scaling Depop, which sells vintage and secondhand fashion and is particularly popular with Gen Z consumers, from a small enterprise to part of the Etsy stable, “I’m excited to now pass the baton to someone who can take Depop to the next level.”
According to Etsy, Depop has 26 million users in more than 150 countries, and “keeps millions of items of clothing in rotation.”
Raga said she’s been working with Goyal for the past year, “and I have consistently been impressed by her extraordinary track record and empathetic leadership. I could not have wished for a better successor, and I am confident she will do amazing things for Depop.”
Goyal has held a variety of roles at Etsy over the past 11 years.
As chief product officer of Etsy, a platform for handmade, custom-made and vintage items sold by small, indie businesses, Goyal transformed its development culture, scaled Etsy’s teams and “significantly improved the shopping experience,” the company said.
She previously led Etsy’s seller services, corporate development, international and marketplace integrity teams.
Before joining Etsy, she worked in strategy and business development at Viacom and at Product (RED). She began her career in M&A at Morgan Stanley and at General Atlantic Partners as a growth equity investor in technology businesses.
“At Etsy, we often say that two-sided marketplaces are lightning in a bottle — and this is certainly true of Depop. We believe Depop has fostered one of the most passionate communities in e-commerce, and has only scratched the surface when it comes to reaching its full potential. I’m excited to work with the talented team at Depop as they redefine the future of fashion.”
Etsy has promoted vice president of product management Nick Daniel to chief product officer. Goyal and Daniel will both report to Silverman.
Silverman added that Goyal’s and Daniel’s promotions “reflect our efforts to nurture a deep bench of talent and leadership across our house of brands.”
He added that under Raga’s leadership, “Depop took the world by storm, and defined itself as a beloved, culturally relevant brand. We wish her the best in her future endeavors.”
Depop was founded in 2011, and employs 400 people at its offices in London and Manchester, England; New York; Los Angeles, and Sydney.
As reported, Etsy purchased Depop for $1.6 billion, and the transaction closed at the end of 2021.
Depop — which has a large Gen Z audience, more than 90 percent of active consumers are Gen Z — said last year that it was eager to leverage Etsy’s technology, marketing and product expertise.
The company has said its mission is to build “the most progressive home of fashion” at a time when the secondhand market is booming.
