Mercari’s US GMV grew just 0.3% year over year to $194 million in its fiscal first quarter ended September 30, after 15% growth the quarter before. Management said rivals’ promotions hurt fashion more than it expected, so Mercari aimed its own discounts at categories likely to pay off instead of matching them. Mercari didn’t name the rivals, but Vinted and Depop have offered free or sub-$1 US shipping on cheap secondhand fashion for most of 2026. Mercari kept its goal of US GMV growth of at least 10% this fiscal year, which would require roughly 13% over the next three quarters.
