Wines, a second-hand fashion boom fuel expansion, profits to £80 million
Vinted is a second-hand fashion digital market, with the increasing demand for resale platforms, profits have increased dramatically.
The Lithuanian-based companies have a pre-tax rate of €95.4 million (£800.3 million) in 2024, while the profit of the previous year was almost €33.4 million.
The resale giant also saw revenue climbing 36% to €813.4 million, up from €596.3 million in 2023.
Vinted's popularity was initially known for its focus on affordable and expected outfits, thanks to a high-profile list that includes Paul Mescal's cardigans and Ferne McCann's baby clothing to the luxury of Wardrobe in Alexa Chung.
The platform now operates in 23 markets in Europe and covers an especially strong footprint in Europe, far beyond its second-hand fashion roots. In 2024, Vinted expands to consumer electronics, enabling users to buy and sell items such as headphones, speakers, fitness trackers and laptops. The company also reported strong growth in emerging sectors such as luxury fashion.
Founded in Vilnius in 2008, Vinted became Lithuania's first tech unicorn in 2019 and continues to expand rapidly. In October 2024, the secondary stock was estimated at 5 billion euros. Now, it has more than 2,200 employees, the majority of its Vilnius headquarters.
CEO Thomas Plantenga attributes the company's record results to its growing user base. “This performance is the result of our efforts to deliver products that deliver high value to members at the lowest cost,” he said.
Vinted also makes strategic investments in its operations and infrastructure. Its dedicated logistics platform, Vinted Go, is expanding its parcel locker and pick-up/drop-out network to simplify delivery. Meanwhile, the platform’s in-house payment service, Wine’s salary has launched its first service in Lithuania to support secure transactions between sellers and buyers.
Vinted, in another sign of ambition, announced the creation of a new investment arm, Vinted Ventures, which will focus on supporting technology startups operating in the circular economy and second-hand retail sectors.
With the continued development of resale and recommendations, there are both sustainability consumers and cost-savvy shoppers, so wine believes there is still a large market share to capture.
“Given the potential size of the market, we know there will be huge opportunities in the future,” Plantenga said. “We see our current position as a solid foundation for building this future and we will continue to learn and improve.”
As the second-hand economy matures and expands into new categories, Vinted not only positions itself as a pre-loved fashion platform, but is also the main force in shaping the next generation of sustainable retail.
