Online second-hand fashion retailer Vinted has reported a 61 per cent rise in sales.
Online second-hand fashion retailer Vinted has reported a 61 per cent rise in sales
It’s a boost that has taken the company out of the red for the first time, with its £513 million in takings coming amid the boom in demand for “pre-loved” clothing.
The Lithuania-based group said growth had partly been driven by entering new markets including Denmark and Finland.
Vinted’s chief executive Thomas Plantenga said it is now looking at a variety of different options for growth including moving into new countries and product categories.
He was quoted by the BBC saying: “We see many opportunities ahead, so we’ll continue to balance profitability against investment opportunities to accelerate towards our mission.
“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.”
Vinted has also expanded into luxury fashion through its acquisition of second-hand high-end fashion site Rebelle.
Its sales boost makes it about a third of the size of Asos.
Its profit after tax was £15.2 million compared with a loss of about £17 million a year before.
The group employs more than 2,000 people, most of whom are based in Lithuania.
Its “pre-loved” category has gained mainstream popularity, with reality TV show ‘Love Island’ sponsored by eBay and featuring some of the contestants acting as influencers to promote second-hand style.
Mainstream retail chains including Primark are also selling second-hand items at their stores.