Etsy looks to take bite out of Michael’s, Jo-Ann’s

Online marketplace retailer Etsy.com is looking to expand its base of sellers by entering the estimated $40 billion to $44 billion craft supplies market, which is dominated by such retailers as Michael’s and Jo-Ann’s Stores.



In its largest expansion to date, Etsy announced it will launch Etsy Studio, which will sell craft supplies and offer DIY tutorials, in April. It is the first new marketplace Etsy has built from the ground up since it debuted in 2011.



The company described its new initiative as a "global market dedicated to craft supplies that seamlessly combines inspiration and shopping in one place.’



"When it launches this spring, visitors will be able to shop original DIY projects and tutorials alongside all of the supplies they need to bring those creative projects to life,” the company stated.



The new marketplace, which plans to launch with nearly 8 million items, will have a listing fee that similar to the fees in place for sellers on the Etsy platform.