The Lithuanian born marketplace, Vinted, has tripled its net profit for 2024 to €76.7 million following a growing consumer demand for pre-loved items on its marketplace.
The marketplace model isn’t easy. It’s all a numbers game and when you’re only taking a relatively small percentage from each sale you really need the capital to get your name out there. Even if you get the capital you’re then faced with the current economic climate, fierce competition and the fact you have to sell £10k worth of products just to make a grand (if you’re lucky). Numerous marketplaces have folded in recent years such as Atterley with struggling giants like Farfetch seeking last minute bail out options. Vinted on the other hand has seen profits soar as the pre-loved marketplace has become the go-to destination for wardrobe clear outs and those looking to cash in on “side hustles” as the 9-5 wage doesn’t quite cut covering all the bills like it use to. For 2024 Vinted reported a net profit of €76.7 million which was up from €17.8 million compared to the previous year. Comparative revenue was also up by 36% to €813 million, that’s a lot of sales and a lot of commission!
Founded back in 2008 by Milda Mitkutė and Justas Janauskas in Vilnius, Lithuania, Vinted has risen through the ranks of the pre-loved marketplace sector, with a heavy focus on app development & the latest e-comm tech, Vinted currently operates in 22 countries and has more than 65 million registered users. The business is currently valued at around €5 billion with various sections on its platform from pre-loved Stone Island jackets to literally wardrobe clutter & clear outs. Fuelled by a growing demand for pre-loved gear as consumers look to not only be more sustainable but also more “thrifty”, bagging pre-loved garms as oppose to full price seasonal retail items. Following its ongoing expansion across Europe last year launching in Ireland, Greece & Croatia, the pre-loved platform also introduced its very own payment system Vinted Pay as well as scaling up its logistics arm, Vinted Go. The Lithuanian based marketplace is clearly one to watch over the coming years. Could a potential IPO be on the cards for the Vinted UAB Group? Also don’t forget to subscribe to KULT & follow @kult_recruit to keep up to date with all the latest industry news.
This performance is the result of our hard work to deliver products that bring high value for members at the lowest possible cost. We do this by having a relentless focus on cost control, building complex infrastructure ourselves, and innovating to bring new services and solutions at scale. It’s this mix of scale, innovation, cost control that helps us succeed. At Vinted, we aim to build an ecosystem of businesses that can change the way society consumes. Given the potential size of the market, we know there’s a huge opportunity ahead and lots of work to be done to get there. We see our current position as a solid foundation to build this future on, and we’ll continue to learn and improve. We are at the start of the journey and aiming high.
Thomas Plantenga – Chief executive Vinted
