Etsy has sold a whopping $346 million worth of masks during lockdown accounting for around 14 per cent of all sales from small sellers.
Etsy has firmly established itself as one of the few winners of the pandemic, boosted significantly by its strategy of encouraging its sellers to create and sell masks.
During its second quarter, the online marketplace for independent sellers saw gross merchandise sales rise 145 per cent to $2.7 billion.
This included $2.5 billion in sales from its eponymous platform, and around $227 million from its recently acquired music gear resale platform Reverb.
Revenues during the quarter rose 136.7 per cent to $428.7 million, while gross profits also skyrocketed 159.1 per cent to $317.4 million.
Net incomes also rose whopping 429.1 per cent to $96.4 million, up from $18.2 million a year earlier, while its gross margins expanded by 640 basis points to 74 per cent.
In early April the retailer called on its network of sellers and makers to “start making face masks” in an unprecedented effort to meet demand.
A week later Etsy reported that buyers searched for face masks on the platform an average of nine times per second since the announcement, totalling over two-million searches.
Since then 4 million people visited the platform to buy face masks and nothing else, seeing 112,000 of its sellers sell face coverings over the three months.
Despite this, masks would still only rank third on the retailer’s website, coming behind home goods and jewellery categories.
For the coming quarter, Etsy says it expects to come between $366 million and $426 million, significantly above estimates of $279 million.