Great post! Solid analysis. What do you see as the biggest vertical gap for Etsy? They have handmade, vintage, clothes, musical instruments... any thoughts on what vertical/category they're missing and would be looking to fill via M&A?
Good post. I wonder if they overpaid for Depop in particular though. Based on recent earnings calls seems like their GMV has fallen off significantly due to reopening effects, so they potentially paid an inflated amount for it in the peak of COVID. As you said, most M&A destroys value. Time will tell.
Great post! Solid analysis. What do you see as the biggest vertical gap for Etsy? They have handmade, vintage, clothes, musical instruments... any thoughts on what vertical/category they're missing and would be looking to fill via M&A?
Good post. I wonder if they overpaid for Depop in particular though. Based on recent earnings calls seems like their GMV has fallen off significantly due to reopening effects, so they potentially paid an inflated amount for it in the peak of COVID. As you said, most M&A destroys value. Time will tell.