Second-hand fashion marketplace Vinted swings to profit

Vinted delivered revenue growth of 61 percent in 2023, with double digit profitability.

The company said in a statement that this second-hand fashion marketplace in Europe, posted 596.3 million euros in revenue, adjusted EBITDA of 76.6 million euros, and net profit of 17.8 million euros versus a net loss in 2022 of 20.4 million euros.

Commenting on the company’s performance, Thomas Plantenga, Vinted Group’s CEO, said: “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. We see many opportunities ahead, so we’ll continue to balance profitability against investment opportunities to accelerate towards our mission.”

Vinted drove growth on multiple vectors, including continued increase of its penetration in existing markets; geographic expansion into Denmark, Finland and Romania; and continued expansion into luxury fashion through verification. At the same time the Group accelerated the development of shipping services with Vinted Go.

Following a successful acquisition of designer second-hand specialist Rebelle in 2022, the company brought together teams from both companies to launch an item verification service, enabling Vinted members to trade designer and high-value fashion items with increased safety.

Based on solid 2023 performance, the company plans to continue investing strongly in Vinted Go in 2024, particularly in France, Belgium and the Netherlands.

Vinted also secured an electronic money institution licence from the Bank of Lithuania to enable the development of new services and a better experience for members.

In the fourth quarter, the company secured a 50 million euros revolving credit facility from BNP Paribas and ING Bank, for potential future investment or expansion opportunities, including M&A.