Gen Z Brands: Independent or Already Acquired

Depop was sold to eBay for $1.2 billion in July 2026. Saltair was acquired by TSG Consumer. Shein bought Everlane. Poppi was bought by PepsiCo for $1.95 billion. Gen Z brands are being acquired faster than any previous generation of brands. The TikTok-to-acquisition pipeline is the new normal.

Gen Z brands are born on TikTok, built on social-first marketing, and targeted at digitally native consumers. But the question is the same as for every generation before: are they still independent, or already acquired by a corporate parent? The answer, increasingly, is acquisition.

We tracked Gen Z brands and their ownership status. For more on the millennial brands that preceded them, see our millennial brands and their current corporate parents.

Depop: eBay ($1.2B, July 2026)

eBay completed its acquisition of Depop on July 30, 2026. eBay acquired the C2C fashion marketplace from Etsy for approximately $1.4 billion in cash, reflecting the purchase price of $1.2 billion plus $200 million of net purchase price adjustments and interest.

Depop has annual gross merchandise sales of approximately $1 billion in 2025, including nearly 60 percent year-over-year growth in the U.S. The platform has 7 million active buyers, nearly 90 percent of whom are under the age of 34. Depop is expected to retain its name, brand, platform, and complementary culture.

Etsy had acquired Depop in 2022 for $1.625 billion. eBay paid less than Etsy did. The Gen Z resale platform went from one corporate parent to another in four years, losing value in the process. eBay is publicly traded on Nasdaq under ticker EBAY. The Gen Z resale platform is now owned by the millennial marketplace.

Saltair: TSG Consumer (2026)

Private equity firm TSG Consumer has acquired a majority stake in Saltair from Prelude Growth Partners-backed beauty incubator The Center. Saltair has $150 million in sales this year.

TSG also scooped up niche fragrance brand Phlur in a deal reportedly valued at $400 million. The prototype for this business model was ingredient-focused body and skincare brand Naturium, which The Center incubated with beauty influencer Susan Yara. In 2023, Naturium sold to E.l.f. for $355 million.

Saltair is the Gen Z body care brand built on TikTok Shop, now owned by private equity. The brand feels independent to consumers, but it was PE-built from day one. The Center incubates brands, pairs them with influencers, grows them on social media, and sells them to larger corporations. The factory model of brand creation.

Poppi: PepsiCo ($1.95B)

PepsiCo acquired Poppi for $1.95 billion in an all-cash transaction. Poppi's path: farmers' markets to Shark Tank to TikTok to Super Bowl to $1.95 billion exit. The brand's founders said: "We didn't have a nine-figure ad budget. We had a nine-figure community."

Poppi is the most successful Gen Z brand acquisition to date. The prebiotic soda brand built its audience on TikTok, expanded into retail, and sold to one of the world's largest beverage corporations. The acquisition is the template for the TikTok-to-acquisition pipeline.

PepsiCo is publicly traded on NYSE under ticker PEP. The Gen Z prebiotic soda brand is now owned by the same company that owns Pepsi, Gatorade, and Tropicana. The brand that disrupted the soda aisle is now part of the establishment it disrupted.

Everlane: Shein (2026)

Everlane, the retailer that built its brand around wardrobe staples and radically transparent pricing, was acquired by Shein. While Everlane was technically a millennial brand, founded in 2010, its customer base skewed Gen Z by the time of acquisition.

Everlane was acquired by Shein for approximately $100 million, a steep discount to its peak valuation. The sustainability-focused brand was bought by the fast-fashion giant. Millennial-focused consumer brands seem to have two options lately: sell out, or pivot to AI.

The Everlane acquisition is part of the same pattern as Depop and Poppi. Gen Z and millennial brands are being acquired by larger corporations. The difference is that Everlane was bought by its ideological opposite. The brand that preached sustainability was acquired by the company that epitomizes disposable fashion. For more on the Everlane acquisition, see our millennial brands and their current corporate parents.

The Gen Z Brand Acquisition Pattern

Gen Z brands follow the same pattern as millennial DTC brands, but faster. The cycle has compressed from 5 to 10 years for millennial brands to 2 to 4 years for Gen Z brands.

The pattern is consistent. TikTok virality builds audience. DTC growth converts followers to customers. Retail expansion moves from online-only to omnichannel. Acquisition interest emerges as strategic acquirers and PE firms notice. Exit follows as the brand is acquired by a corporation or PE firm.

The difference from millennial brands is speed. Gen Z brands go from launch to acquisition in 2 to 4 years. Poppi launched in 2015, went viral on TikTok during the pandemic, and sold to PepsiCo in 2025. Saltair was incubated, grown on TikTok Shop, and sold to TSG Consumer within a few years. The acceleration is driven by TikTok's ability to build audience faster than Instagram ever could.

The Independent Gen Z Brands

Not all Gen Z brands have been acquired. Some remain independent:

• Liquid Death: $1.4 billion valuation in 2024, still independent.
• UnitedMasters: Independent, backed by Apple and Alphabet.
• DistroKid: Independent, exploring a sale.
• Crooked Media: Independent and profitable.
• Glossier: Technically acquired by Bain, but operates independently.

The Gen Z brands that remain independent tend to have strong editorial presence, retail maturity, and distinguishable founder narratives. These are the same traits that helped millennial brands survive. The pattern is consistent across generations. For more on the survivor traits, see our millennial brands and their current corporate parents.

The PE Incubator Model

The Center and its founder, Ben Bennett, represent a new Gen Z brand ownership pattern. The beauty incubator behind Saltair, Phlur, and Naturium creates brands specifically for exit. Brands are incubated by PE-backed companies, grown with influencer partnerships, and then sold to larger corporations.

The Center's reputation is for pairing highly scalable beauty brands with notable influencers before growing and exiting them. This is the factory model of brand creation: incubate, grow, exit, repeat. The brands feel independent to consumers, but they are PE-built from day one.

The PE incubator model is the logical endpoint of the DTC brand cycle. If millennial DTC brands were founder-led companies that sold to PE, Gen Z incubator brands are PE-led companies that pretend to be founder-led. The ownership structure is determined before the brand launches. The exit is planned from the beginning.

The Gen Z Brand Ownership Tracker

Source: eBay press releases, PepsiCo investor relations, Business Insider, Vogue, company announcements. All brand ownership data verified through WhoBrands.com research methodology.

What This Means for Brand Ownership

Gen Z brands are being acquired faster than any previous generation of brands. The TikTok-to-acquisition pipeline is the new normal. PE incubators create brands specifically for exit. Strategic acquirers like PepsiCo, eBay, and Shein monitor TikTok virality as deal flow.

The name on the box is not the owner. Rhode is e.l.f. Olaplex is Henkel. Liquid I.V. is Unilever. The Gen Z brands that feel most independent are often the most corporate-owned. The brands that feel corporate are sometimes the most independent.

Use WhoBrands.com to check whether your favourite Gen Z brand is still independent. For more on the brands that went viral before acquisition, see our brands that went viral and got acquired shortly after.

FAQ

Who owns Depop now? Depop is owned by eBay, which completed the acquisition on July 30, 2026. eBay acquired Depop from Etsy for approximately $1.4 billion in cash, reflecting the $1.2 billion purchase price plus $200 million in net purchase price adjustments and interest. Depop retains its name, brand, platform, and culture.

Is Poppi still independent? No. Poppi was acquired by PepsiCo for $1.95 billion in an all-cash transaction. The prebiotic soda brand went from farmers' markets to Shark Tank to TikTok to Super Bowl to a $1.95 billion exit. PepsiCo is publicly traded on NYSE under ticker PEP.

What Gen Z brands have been acquired? Depop was acquired by eBay for $1.2 billion. Poppi was acquired by PepsiCo for $1.95 billion. Everlane was acquired by Shein for approximately $100 million. Saltair was acquired by TSG Consumer. Rhode was acquired by e.l.f. Beauty for $1 billion. Naturium was acquired by e.l.f. for $355 million. Phlur was acquired by TSG Consumer for approximately $400 million.

Are any Gen Z brands still independent? Yes. Liquid Death has a $1.4 billion valuation and remains independent. UnitedMasters is independent, backed by Apple and Alphabet. DistroKid is independent but exploring a sale. Crooked Media is independent and profitable. Glossier was majority-acquired by Bain Capital but operates independently.

Explore Related Brands

• Depop - Fashion resale marketplace, owned by eBay (Nasdaq: EBAY)
• Poppi - Prebiotic soda brand, owned by PepsiCo (NYSE: PEP)
• Everlane - Sustainable fashion brand, owned by Shein
• Liquid Death - Water brand, $1.4B valuation, still independent
• Rhode - Beauty brand, owned by e.l.f. Beauty
• Saltair - Body care brand, owned by TSG Consumer

Browse all fashion brands

Also read: Millennial Brands and Their Current Corporate Parents - the previous generation of DTC brands and their ownership outcomes.

Sources

1. eBay: eBay Completes Acquisition of Depop -- https://investors.ebayinc.com/investor-news/press-release-details/2026/eBay-Completes-Acquisition-of-Depop/default.aspx 2. Etsy: Completes Sale of Depop -- https://www.prnewswire.com/news-releases/etsy-completes-sale-of-depop-302838989.html 3. eBay: eBay to Acquire Depop from Etsy -- https://investors.ebayinc.com/investor-news/press-release-details/2026/eBay-to-Acquire-Depop-from-Etsy/default.aspx 4. Orbit Beauty Independent: TSG Acquires Buzzy Body Care Brand Saltair -- https://orbitbeauty.com/ 5. Business Insider: Shein Acquires Everlane, Millennials' Sustainable Fashion Dream -- https://www.businessinsider.com/shein-acquires-everlane-millennial-sustainability-dream-dead-2026-5 6. CNN: Everlane is the latest beloved Millennial brand that's selling out to stay alive -- https://www.cnn.com/ 7. Taylor Sicard: Who Owns Which DTC Brand? The 2026 Ownership Map -- https://taylorsicard.com/

All brand ownership data verified through WhoBrands.com research methodology. Last updated: September 2026.

About WhoBrands

WhoBrands.com provides accurate, comprehensive brand ownership information through extensive research of SEC filings, corporate press releases, and official company documents. Our database covers thousands of brands across dozens of industries. Learn about our methodology.