Lithuanian second-hand platform Vinted is making an offer to acquire Rebelle, a German competitor that focuses on the luxury segment. All shareholders are advised (or have already agreed) to accept the offer.
Difficult months
Second-hand marketplace Vinted has launched a takeover bid for Rebelle, a platform that was founded in 2013 in Hamburg, and that focuses on the luxury segment. However, the last few months have not been easy for the German second-hand seller.
Exactly one day before Russia invaded Ukraine, Rebelle went public in Sweden. Since the IPO, the valuation has more than halved, according to FashionUnited. While in February the value was still estimated at around sixty million euros, Vinted now offers just thirty million euros for the company.
In addition, sales are currently in sharp decline, while costs are rising considerably. Rebelle achieved 5.3 million euros in sales in the second quarter, 14 % less than a year earlier. The number of orders even fell by 22 %. The platform attributes this decline to difficult market conditions. At the same time, the company spent 84 % more on marketing and 24 % more on personnel than last year, according to the preliminary results that Rebelle announced following the takeover bid.
New reach
A committee – set up by Rebelle – has reviewed the offer and is now unanimously recommending that shareholders say yes. A group of shareholders, who together hold almost two-thirds of the capital, have already expressed their support. The remaining shareholders will have until 19 August to state their views.
Thomas Plantenga, CEO of Vinted, says he has been following Rebelle for several years and is impressed with the platform’s offering and achievements in the luxury segment. “By combining Rebelle’s expertise in this segment with Vinted’s geographic reach and large member base, we see great potential to enhance value for consumers,” he said in a press release.
