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Vinted Achieves Initial Profit With Fresh CEO Emphasizing Market Potential

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Vinted Achieves Initial Profit With Fresh CEO Emphasizing Market Potential

 

Vinted, a digital platform for trading preloved fashion items, has disclosed its maiden profit after a prosperous year of expansion.

The Lithuanian firm posted a profit of €18 million in the last fiscal year, marking a significant reversal from a deficit of €20 million in 2022. Revenue surged by 61% year-over-year, reaching €596.3 million.

The CEO, Thomas Plantenga, underscored the unexplored opportunities in the secondhand fashion realm, remarking, “The preowned fashion sector remains relatively nascent, constituting only a fraction of the broader fashion landscape.”

<p”He continued, “Our impressive performance in 2023 not only showcases our capacity to stimulate substantial growth but also establishes us as frontrunners in a market brimming with vast possibilities.”

Despite encountering economic uncertainties, the company surpassed its expansion targets and ventured into new territories such as Denmark, Finland, and Romania last year. Vinted seeks to transform into more than just a trading platform by introducing supplementary services like Vinted Go. This service, operating in France, offers locker-based clothing delivery and pickup for added convenience.

Moreover, Vinted intends to make significant investments in its Go service across France, the Netherlands, and Belgium this year.

Shifting its attention to high-end fashion, Vinted acquired and integrated the German preloved platform Rebelle, while also launching its verification service. This functionality boosts security for Vinted members engaging in transactions and purchases.

The company has revealed plans to expand the verification service to more markets and widen its scope to encompass additional brands and product categories in the forthcoming year.

Founded in 2008, Vinted was valued at €3.5 billion in May 2021.

The platform has garnered a user base exceeding 100 million individuals across 21 countries and sustains a workforce of over 2,000 employees, underscoring the escalating appeal of preloved fashion.

Image Source: Boumen Japet / Shutterstock

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