Etsy, Inc. is a major online marketplace, connecting people who want to sell their products to prospective buyers. The company has grown significantly in the last three years and is considered an important player in this competitive marketplace.
Etsy was founded in 2005 by Robert Kalin, an amateur furniture maker searching for a more efficient way to sell his work online. Etsy initially became popular among artisans and independent tradespeople in New York and elsewhere. Receiving $85 million of investment from venture capitalists, these stakeholders took increasingly strident views on Etsy’s direction and Kalin was removed by the board in 2011. His replacement, Chad Dickerson, followed a more aggressive growth strategy which saw the company list on the NASDAQ exchange in 2015.
Known for its unusual working environment and ‘values based’ approach, Etsy has repeatedly been targeted by activist investors keen to see the brand grow more rapidly. Another leadership change in 2016 saw the company switch to competing against large rivals such as eBay, selling a wider range of mass-produced goods. Since then Etsy’s revenues have grown rapidly, exceeding $1.7 billion in 2020. In 2021 the company acquired Depop, a popular ecommerce site.
Etsy’s 2015 listing was a difficult time for the company – shares quickly plunged by 75%, and relations between new institutional hedge fund investors and the original board were strained. The 2016 management change began a period of strong performance which contributed to the stock’s impressive later gains. Etsy’s largest single shareholder is the Vanguard group with over 10%, followed by other major institutional investors including BlackRock and T Rowe Price.
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Etsy does not currently pay a dividend to shareholders. This is typical of technology companies that instead reinvest excess capital back into their business to fund growth objectives.
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