Etsy acquired Elo7 for $217 million. Shutterstock
Last week, Etsy announced the acquisition of Brazilian e-commerce platform Elo7, often called “the Etsy of Brazil” for $217 million, then on Monday the company said it would set up operations in Mexico, recruiting dozens of employees over the next year, mainly in positions within the product and engineering areas.
Retail e-commerce in Mexico (excluding digital services and products) reached a value of 316 billion Mexican pesos ($15.9 billion) in 2020 (up 81 percent from 2019).
While Etsy already had a presence in Brazil, prior to its Elo7 acquisition, the latter’s leading position in the local market, with 56,000 sellers and 1.9 million customers, will significantly boost Etsy’s operations in the country.
The Brazilian e-commerce player will keep its name and continue to be operated out of its headquarters in Sao Paulo by its current management team.
In an interview with Brazilian news outlet Exame, president of Elo7, Carlos Curioni, said Etsy inspired his platform’s creation in 2008.
“We have known each other for a few years and have a similar understanding about the culture and business mission. Therefore this acquisition was a natural marriage,” he said.