Vinted has recorded profits after years of rapid growth and continues to invest in the future | Business

In 2023, Vinted Limited, which includes all directly and indirectly controlled companies, received 596.3 million. EUR income, ie 61 percent. more than in 2022 (370.2 million euros), its EBITDA reached 76.6 million. EUR, and the net profit – 17.8 million. EUR, compared to 20.4 million EUR net loss in 2022.

A year of growth and profitability, investing in long-term opportunities

Despite the turbulent macroeconomic environment, Vinted grew faster than planned in 2023.

Vinted’s trading platform, which forms the basis of the group, secured growth in several different areas: continued to increase market share in existing markets; entered Denmark, Finland and Romania; and continued expansion into the luxury fashion segment through a product verification service. At the same time, the Group accelerated the development of delivery services with Vinted Go and took the first steps to offer more value in payment services.

All of this helps Vinted improve the experience of its community members and accelerate its mission to make used items the first choice around the world.

Entering the luxury segment

In 2022, following the successful acquisition of second-hand designer goods platform Rebelle, Vinted brought together the teams of both companies and started providing an item verification service, enabling Vinted members to trade designer and luxury items with peace of mind. The service is currently available in nine Vinted markets and will continue to expand based on initial results to include more brands and categories.

Development of Vinted Go delivery services

The company Vinted Go, which started operating in 2022 and develops shipping-related services, showed better and better results last year. Vinted Go has already installed about 1,500 parcel post machines and PUDO (pick-up, drop-off) points in the main cities of France and has already delivered millions of parcels to Vinted members. For example, more than 400 thousand were delivered in December 2023 alone. shipments.

In the second half of last year, Vinted Go acquired Dutch parcel delivery company Homerr. The increased scale of operations and the opportunity to share knowledge will allow both organizations to deepen their experience in the C2C (customer-to-customer) field. Given the strong performance in 2023, Vinted will continue to invest in Vinted Go in 2024, particularly in the French, Belgian and Dutch markets.

Expansion into the payments market

The Bank of Lithuania granted Vinted an electronic money institution license, which will allow the company to develop new services and offer a better experience to its members.

“Used fashion goods are a relatively new market, occupying an extremely small share in the entire fashion segment. However, our results in 2023 not only proved that we can deliver strong growth, but also that we are at the forefront of a market with great potential.

Equally important, promoting peer-to-peer trade in second-hand fashion is an effective way to reduce the harm caused by the fashion industry and is at the heart of our mission to make second-hand the first choice,” says Thomas Plantenga, CEO of Vinted Group.

“We have been investing capital for many years with high investment returns, constantly considering the financial sustainability of our investments, so I am pleased to announce that we are profitable and have recorded positive EBITDA in 2023. This is a great testament to our team’s dedication and hard work to make Vinted a success for our members. At the same time, it is a solid foundation for further development – we see many opportunities on the horizon,” says the head of Vinted Group.

In the IV quarter of 2023, Vinted secured 50 million. EUR revolving credit from BNP Paribas and ING BANK. The latter is granted for potential future investment or expansion opportunities, including mergers and acquisitions.

“In 2023, our commerce platform showed strong performance, with Vinted Go we accelerated the development of delivery services and made steps into the payments part of our value chain. In 2024, we will continue to pursue this mission by implementing various growth vectors, including geographic expansion and category development, – says T. Plantenga, – we see many opportunities in the future, so we will continue to combine profitability with investment opportunities to accelerate our mission.”

In 2023, Vinted’s average monthly number of employees increased by a third (33%) to 1,743 employees, most of whom worked in Lithuania. The entire group currently employs more than 2,000 people.