Etsy to buy popular used clothing app Depop

(David Parry/PA)

Etsy has said it will buy Depop, an app that is popular among young people looking to buy and sell used clothing and vintage fashions from the early 2000s.

New York-based Etsy said it will pay 1.6 billion US dollars for Depop and plans to run it as a standalone company in London, where it is currently based.