Lithuania’s first unicorn Vinted reaches double-digit profitability: Know more 

Vilnius, Lithuania-based Vinted, an online marketplace startup for second-hand/used clothes, announced on Monday that it has witnessed strong growth in 2023 and reached profitability. 

In 2023, Vinted Group posted €596.3M in revenue, an increase of 61 per cent vs 2022 (€370.2M). 

Adjusted EBITDA was €76.6M, and net profit was €17.8M, vs a net loss in 2022 of €20.4M. 

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 have been deploying capital with high ROI for many years, constantly taking into account the financial sustainability of our investments, so I am pleased we can now share that we are operating profitably, and posted positive EBITDA for 2023. It’s a great testament to our team’s dedication and hard work in making Vinted a success for our members. And, it is a strong foundation to continue to build on, as we see many opportunities on the horizon,” adds Plantenga. 

Growth on multiple vectors

Vinted marketplace drove growth on multiple growth vectors, including an increase of its penetration in existing markets, geographic expansion into Denmark, Finland, and Romania, and continued expansion into luxury fashion through verification. 

The group also accelerated the development of shipping services with Vinted Go and took initial steps to further deepen the value chain with payment services. 

These steps helped the Lithuanian company to enhance its customer value proposition and accelerate its mission to make second-hand first choice worldwide.

Vinted acquired Rebelle in 2022 and launched an Item Verification service for safe trading of designer products. The service is available in nine markets and will expand to more in 2024.

Vinted Go was successful in 2023

On the other hand, Vinted Go, launched in 2022 to develop shipping services, had a successful 2023. They installed 1,500 lockers and PUDO points in key French cities and delivered millions of parcels for Vinted members, with 400,000 in December alone. 

Vinted Go acquired Homerr in the H2 2023 to deepen C2C delivery expertise. 

Based on strong performance, Vinted will invest heavily in Vinted Go in 2024, focusing on France, Belgium, and the Netherlands.

“During 2023, our core marketplace performed strongly, we accelerated the development of delivery services with Vinted Go, and we made steps into the payments part of our value chain. For 2024, we will continue on this mission, delivering against multiple growth vectors, including geographic expansion and category development,” says Thomas Plantenga.

Secured €50M, EMI license

In Q4 2023, Vinted secured a €50M revolving credit facility from BNP Paribas and ING Bank for potential future investment or expansion opportunities, including M&A. 

Vinted secured an Electronic Money Institution (EMI) License from the Bank of Lithuania to enable the development of new services and a better experience for members. 

During 2023, the average monthly number of employees rose by a third (33 per cent) to 1,743, with the majority employed in Lithuania. Currently, more than 2,000 people are employed across the group. 

Vinted: Dedicated to second-hand fashion.

Founded in 2008, Vinted Marketplace is an online international C2C marketplace in Europe dedicated to second-hand fashion.

With a mission to make second-hand the first choice worldwide, Vinted enables people to sell and buy second-hand clothes and lifestyle items from each other, helping give those items a second or even third life.

 Vinted Go is a new brand and business from Vinted and focused on developing products and solutions for more seamless shipping and delivery across Europe. Vinted Go has connected more than 40 carriers and more than 200,000 PUDO points across Europe to support the delivery of millions of parcels per year. V

With HQ in Vilnius, Vinted has offices in Amsterdam, Berlin, Hamburg, Kaunas, and Prague.

The company is backed by six venture capital firms: Accel, Burda Principal Investments, EQT Growth, Insight Partners, Lightspeed Venture Partners, and Sprints Capital.