Discover the incredible success story of the second-hand fashion marketplace Vinted, which raked in a whopping 596.3 million euros in revenue last year – marking an impressive 61% increase from the previous year’s 370.2 million euros. Not only that, but Vinted has also achieved profitability!
The rise of European recommerce is evident in Vinted’s growth, with recommerce now holding a 12.3% share of the total European ecommerce market.
Breaking Records: €17.8 million Profit in 2023
Vinted has recently unveiled its financial results for 2023, showcasing a significant milestone as it achieved profitability for the first time. The platform recorded a net profit of 17.8 million euros, a tremendous turnaround from the 20.4 million euros net loss the year prior. Additionally, Vinted achieved an impressive adjusted EBITDA of 76.6 million euros in 2023.
Exceeding Expectations
In a remarkable feat, Vinted exceeded its growth projections for the year, expanding its luxury offering by introducing the Item Verification service. This innovative feature allows members to authenticate and trade high-value fashion items.
Furthermore, Vinted extended its reach by venturing into Denmark, Finland, and Romania, and recently acquired Danish competitor Trendsales to solidify its presence in the region. The company also enhanced its Vinted Go service by introducing new lockers and PUDO points in France, alongside the acquisition of Dutch delivery company Homerr.
“Vinted has also expanded into payment services.”
Adding to its list of achievements, Vinted obtained an Electronic Money Institution License from the Bank of Lithuania, enabling the platform to diversify into payment services.
Future Growth Prospects
“During 2023, our core marketplace excelled, we accelerated delivery services with Vinted Go, and made strides in the payments sector. Looking ahead to 2024, we are committed to expanding geographically and developing new categories,” affirmed Thomas Plantenga, CEO of Vinted Group. “With numerous opportunities on the horizon, we will continue to strike a balance between profitability and investment, driving us closer to our mission.”
