Etsy Inc. is poised to purchase Depop, the second-hand clothing app popular among Gen-Z, for $1.63 billion, according to Reuters.

“[Gen-Z] is an enormous demographic, and it’s the trendsetter demographic,” Etsy CEO Josh Silverman told analysts on a call to discuss the deal.

He also hopes to be able to attract customers who would, otherwise, return to traditional retail stores after the pandemic. The move will not only help Etsy not only bring in younger customers, but also help the company take advantage of the popular vintage clothing industry.

Depop will continue to run as a stand-alone company and remain at its London headquarters, according to The Seattle Times. The company was founded 10 years ago by entrepreneur Simon Beckerman for readers of his magazine so they could buy clothing they saw in its pages.

Depop is known for its vintage and fashionable streetwear collections. It has more than 26 million users in over 147 countries. About 90 percent of its users are under 26, and it is the 10th most visited shopping site among the age group in the U.S.

Etsy, which has seen a boom over the past year due to the pandemic, estimates the used clothing market will be worth $64 billion in three years. Etsy recorded about $1 billion in apparel gross merchandise sales last year and doubled its revenue.

The secondhand market in total is currently worth approximately $30 billion, according to experts. Etsy said it expects the deal to close before the end of September.