Vinted, an online platform for buying and selling secondhand fashion, has announced its first-ever profit following a successful year of growth.
The Lithuanian company reported a net profit of €18 million last year, a significant turnaround from a loss of €20 million in 2022. Sales soared by 61% year-on-year, totaling €596.3 million.
CEO Thomas Plantenga emphasized the untapped potential of the secondhand fashion market, stating, “Secondhand fashion is still a relatively underdeveloped sector, representing only a small fraction of the overall fashion industry.”
He added, “Our strong performance in 2023 not only demonstrates our ability to drive robust growth but also positions us as leaders in a market with immense opportunities.”
Despite facing economic uncertainties, the company exceeded its growth targets and expanded its operations internationally in Denmark, Finland, and Romania last year. Vinted aims to evolve beyond being just a marketplace by introducing additional services like Vinted Go, a shipping service that utilizes lockers for convenient clothes delivery and pickup in France.
Furthermore, Vinted plans to make substantial investments in its Go service in France, the Netherlands, and Belgium in the current year.
Expanding its focus to luxury fashion, Vinted acquired and integrated the German secondhand platform Rebelle and launched its own verification service. This feature enhances safety for Vinted members engaging in transactions and purchases.
Vinted has announced intentions to extend the verification service to more markets and expand it to cover additional brands and product categories in the coming year.
Established in 2008, Vinted was last valued at €3.5 billion in May 2021.
The platform has amassed over 100 million users across 21 countries and employs over 2,000 individuals, reflecting the growing popularity of secondhand fashion.
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