Vinted, the online marketplace for secondhand fashion, has made a profit for the first time following a “strong” year of growth.
The Lithuanian business made a net profit of €18m last year versus a loss of €20m in 2022. Sales surged 61% year on year to reach €596.3m.
Chief executive Thomas Plantenga said: “Secondhand fashion is still a relatively immature market and only a tiny proportion of fashion overall”.
“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.”
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The marketplace added it “outpaced its planned growth” during the year despite an “uncertain macroeconomic backdrop”.
Last year, Vinted expanded geographically in Denmark, Finland and Romania as it looks to move away from solely being a marketplace to offering other services such as Vinted Go, a shipping service that uses lockers for customers to deliver and collect clothes in France.
Vinted added that it would invest heavily in Go in France, the Netherlands and Belgium in particular this year.
The app has also increased its focus on luxury fashion following the acquisition and integration of German secondhand platform Rebelle, launching its own verification service last year, which allows Vinted members to trade and purchase with “increased safety”.
Vinted has confirmed plans to roll out the verification service to more markets and across further brands and categories this year.
Founded in 2008, Vinted was last valued at €3.5bn in May 2021.
The marketplace now has more than 100m users in 21 countries and employs more than 2,000 people as growing demand for second-hand fashion continues.
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