The US online marketplace operator Etsy separates again from Elo7.
The Brazilian platform was acquired by Etsy, Inc. two years ago, giving the company a platform in Latin America. However, Elo7 didn’t bring in enough, reports Dutch magazine Twinkle Magazine. Elo7 was then taken over for 217 US dollars (about 182 million euros). The Brazilian platform’s performance has been disappointing, according to Chief Executive Officer Josh Silverman.
Enjoei, also a Brazilian platform, is now acquiring Elo7. Etsy expects the sale to close in the third quarter. An amount for the takeover was not mentioned.
This translated and edited post previously appeared on FashionUnited.nl.