Vinted delivers strong year of growth and reaches profitability, while investing for the future
- Revenue growth of 61% in 2023 vs 2022, with double-digit profitability
- Vinted marketplace expanded in existing and new markets, and launched a new service for designer and luxury fashion items
- Key investments include shipping and payment services, as well as M&A
Vinted, the leading international C2C second-hand fashion marketplace in Europe, continued to grow its revenue in 2023 and reached profitability, as it enabled more people than ever to buy and sell second-hand goods.
In 2023 Vinted Group1 posted €596.3 million in revenue, an increase of 61% vs 2022 (€370.2 million). Adjusted EBITDA was €76.6 million, and net profit was €17.8 million, vs a net loss in 2022 of €20.4 million2.
A year of growth and profitability, while investing in longer-term opportunities
Despite an uncertain macroeconomic backdrop, Vinted outpaced its planned growth during 2023.
At the core of the Group, Vinted marketplace successfully drove growth on multiple vectors, including a 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 and made initial steps to further deepen the value chain with payment services. These steps are helping Vinted continue to enhance its customer value proposition and accelerate on its mission to make second-hand first choice worldwide.
Launching into luxury
Following a successful acquisition of designer second-hand specialist Rebelle in 2022, Vinted 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. The service is already available in nine Vinted markets and will be rolled out to more markets, brands and categories in 2024 based on its initial success.
Accelerating Vinted Go delivery services
Vinted Go, which was launched in 2022 to develop shipping-related services, went from strength-to-strength in 2023. With the installation of c.1,500 lockers and PUDO points in key cities across France, Vinted Go delivered millions of parcels for Vinted members and more than 400,000 in December 2023 alone. In the second half of the year, Vinted Go acquired Dutch delivery company Homerr, to enable both organizations to deepen their C2C delivery expertise through shared learning and increased scale. Based on solid 2023 performance, Vinted will continue investing strongly in Vinted Go into 2024, particularly in France, Belgium and the Netherlands.
Expanding into payments
Vinted secured an Electronic Money Institution License from the Bank of Lithuania to enable the development of new services and a better experience for members.
Thomas Plantenga, Vinted Group’s CEO, said: “Second-hand 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. More importantly, growing C2C second-hand fashion is an impactful way to mitigate the harm of the fashion industry and the reason behind our mission to make second-hand the first choice.
“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 are able to 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.”
In Q4 2023, Vinted secured a €50 million revolving credit facility from BNP Paribas and ING Bank, for potential future investment or expansion opportunities, including M&A.
“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,” said Thomas Plantenga. “We see many opportunities ahead, so we’ll continue to balance profitability against investment opportunities to accelerate towards our mission.”
During 2023, the average monthly number of employees rose by a third (33%) to 1,743, with the majority employed in Lithuania. Today, more than 2,000 people are employed across the group.
1 Figures based on the Annual Report and Financial Statement of Vinted Limited (“Vinted Group”), which includes the consolidated results of all direct and indirect subsidiaries, including Vinted, UAB Group, the main operator of Vinted Marketplace.
2 Accounting notes: As part of the audit process, accounting treatments were revised in accordance with international financial reporting standards. As a result of the revision in the accounting treatment of the investment portfolio unrealised gain/loss, the loss for the year in 2022 was updated.