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Vinted, the popular online platform for second-hand fashion, made a profit for the first time since its inception in 2023. The growth potential in the second-hand market is huge, according to the retailer.
“Immature market”
Last year, Vinted saw sales rise by as much as 61% to 596 million euros. Moreover, the second-hand fashion app posted a net profit of 17.8 million euros – the first black figures for the company since it was founded in 2008. A year earlier, it had posted a net loss of 20.4 million euros.
“Second-hand fashion is still a relatively immature market and only a tiny proportion of fashion overall”, says CEO Thomas Plantenga. “Our performance in 2023 was not only proof that we can deliver strong growth but that we are at the forefront of a market with huge potential.”
Focus on luxury brands
Vinted’s revenue is mainly the result of the commission the app takes on transactions on its platform, and advertising revenue. The company has also set up its own logistics arm, Vinted Go.
The popular app has increased its focus on luxury fashion following the acquisition and integration of German second-hand platform Rebelle, and last autumn launched its own verification service for more expensive designer and streetwear brands.
Vinted now has more than 100 million users in 21 countries and employs more than 2,000 people.
