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Vinted's new record

We can never have enough vintage

Vinted's new record  We can never have enough vintage

The online second-hand resale platform and app Vinted, born in Lithuania in 2008, has just recorded a surprising increase in revenue, amidst a period of great uncertainties. The company had been in the red for a while, but for the first time, it has reported a 61% increase in sales, totaling nearly €600 million. It's yet another proof of how, for Vinted as well as for the second-hand market, the road is completely downhill. By 2028, the vintage market will reach $73 billion, with an average annual growth of 11%, according to ThredUp's latest studies. The Lithuanian company proudly asserts that the positive results stem from the decision to enter the Danish and Finnish markets, expand into the luxury sector with the acquisition of the resale site Rebelle in 2022, and introduce a verification service for branded products. With the launch of the new practice to verify the authenticity of luxury items, sales on the platform soared to €596 million in 2023. 2024 marks the end of a rather dark period for Vinted: until 2022, it had to face an overall loss of about €20 million, but just a year later, profits have soared to over €17 million.

Currently, the company is still based in Lithuania, employing around 2,000 people, but as CEO Thomas Plantenga stated, expanding the platform into other international markets is not ruled out. Despite other companies with similar functions, like Depop and The RealReal, reporting losses in recent months, Vinted's growth confirms investors' expectations in the second-hand market. Before it, other giants like eBay have shown the unstoppable nature of online second-hand item sales. The former, eBay, in recent years, has tried to invest time and money in pop culture to reach a wider user base, removing all seller fees to cope with rising competition. Meanwhile, counterparts like ASOS and Farfetch, online portals for the sale of fast fashion and first-hand luxury items, have fallen into crisis. It's in this market gap that Vinted has entered, a space capable of harmonizing the needs of buyers and sellers. Who knows, perhaps the Lithuanian company, like eBay, will start sponsoring reality TV shows like Love Island with its pre-loved outfits.