What: Vinted, the Lithuanian second-hand fashion platform, has reported its first-ever net profit of EUR 17.8 million in 2023, reversing a loss from the previous year.

Why it is important: Vinted's shift to profitability marks a significant milestone, reflecting the successful expansion and strategic acquisitions that have broadened its market penetration and luxury segment offerings. This transition is crucial for the company's sustainability and long-term growth, highlighting the increasing consumer interest in second-hand fashion markets amid economic challenges like inflation.

Vinted has turned a profit for the first time, declaring a net profit of EUR 17.8 million in 2023 after years of losses, with sales surging by 61% to EUR 596.3 million. This growth was fueled by expanding into new markets like Denmark, Finland, and Romania, and enhancing its presence in the luxury sector through a product verification system established in nine countries. This system was part of its strategy following the acquisition of the luxury specialist Rebelle in 2022. Vinted's CEO, Thomas Plantenga, attributes this success to the efficient deployment of capital and the hard work of the team, positioning the company well for future opportunities. France remains Vinted's largest market, followed by the UK, Germany, and Italy. The company has also expanded its logistical operations through Vinted Go and the acquisition of the Dutch logistics firm Homerr, focusing on enhancing its distribution capabilities in France, Belgium, and the Netherlands.

Vinted to be profitable for the first time in 2023