The second-hand item sales platform Vinted became profitable for the first time in its history in 2023, with a net profit of around 18 million euros, it announced Monday, April 29, in a statement.
Last year, the Lithuanian site’s turnover reached 596.3 million euros, representing more than 61% increase year-on-year, for a net profit of 17.8 million euros, compared to some €20 million net loss a year earlier. “Vinted has boosted its growth on several vectors, notably with the continued growth of its penetration in existing markets, its geographical expansion in Denmark, Finland and Romania, as well as its expansion in luxury fashion,” argued the company. platform, based in Vilnius.
“Second-hand fashion is still a relatively immature market and only represents a tiny proportion of overall fashion,” underlines Vinted boss Thomas Plantenga, quoted in the press release.
“Our performance in 2023 proves not only that we can generate strong growth, but also that we are at the forefront of a market with enormous potential,” he continues, as consumers adapt their habits in a context inflationary. In addition, the company intends to rely on increased environmental considerations when purchasing.
In a sign of the platform’s growing success, the number of employees increased by a third last year to 1,743 people, the majority of whom reside in Lithuania. For 2024, Vinted wants to further advance the sale of luxury products. The company also wants to expand its delivery services.
France represents its main market in terms of number of customers. The platform has already set up 1,500 lockers and collection points there.