Etsy, the popular platform best known for selling handmade and vintage items, announced Wednesday it will acquire Depop, a fashion resale marketplace, for $1.625 billion.

Founded in the U.K. in 2011, Depop lets people buy and sell used clothes through its online marketplace. The deal gives Etsy access to Depop’s young and growing userbase. About 90% of its users are under the age of 26 and it is the 10th most visited shopping site among Gen-Z consumers in the United States, according to Bloomberg

“We are simply thrilled to be adding Depop, what we believe to be the resale home for Gen Z consumers, to the Etsy family,” Josh Silverman, Etsy chief executive, told the New York Times. “Depop is a vibrant, two-sided marketplace with a passionate community, a highly-differentiated offering of unique items, and we believe significant potential to further scale.”

Etsy says Depop will continue to be headquartered in London and operate as a standalone marketplace. Depop’s current chief executive, Maria Raga, will continue to run the company.

“Many of the challenges that we are going through as a business are things that Etsy has gone through before,” Raga told The Financial Times. “Etsy has made massive improvements in terms of search and discovery, and this is something that we can definitely learn from.”

“We’re on an incredible journey building Depop into a place where the next generation comes to explore unique fashion and be part of a community that’s changing the way we shop,” Raga added. “They come to Depop for the clothes, but stay for the culture.”