The Surprising Boom in Secondhand Fashion: Vinted’s Success Story

Last Updated: June 12, 2024By

The Surprising Boom in Secondhand Fashion: Vinted’s Success Story

 

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Hey there! Have you ever thought about where your old clothes end up? Well, turns out, a lot of them are finding new homes, and Vinted, an online secondhand fashion seller, is making a huge impact. Let’s dive into their story and see how they’re changing the game.

 

A Big Leap in Sales

Vinted has seen an incredible 61% jump in sales, almost hitting €600 million (about £513 million). This marks a significant milestone as it’s the first time they’ve actually turned a profit. People are crazy about “pre-loved” clothes these days, and Vinted is right at the center of this trend.

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New Markets and Luxury Fashion

Based in Lithuania, Vinted didn’t just get lucky. They expanded into new markets like Denmark and Finland. Plus, they stepped into the world of luxury fashion by acquiring a high-end secondhand fashion site called Rebelle in 2022. They even started a verification service to assure buyers of the authenticity of their purchases.

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Last year, their sales shot up to €596 million, making them about a third the size of fashion giant Asos. And guess what? They made a profit of €17.8 million after tax, a massive turnaround from a loss of about €20 million the previous year.

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Growing Workforce

With over 2,000 employees, mostly in Lithuania, Vinted is not just about numbers. It’s about people. They are growing, hiring, and making waves in the secondhand fashion industry.

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Why the Shift to Secondhand?

Why are people flocking to secondhand clothes? It’s a mix of sustainability concerns, tighter budgets, and the desire for unique styles instead of cookie-cutter high street fashion. Young people, in particular, are leading this charge, preferring clothes with a bit of history and personality.

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Expansion Plans

Late last year, Vinted secured a €50 million credit facility. This will help them expand even more, possibly buying other businesses and improving their delivery service, Vinted Go. Thomas Plantenga, Vinted’s CEO, mentioned they’re exploring various growth options, including entering new countries and adding more product categories. He believes there’s a lot of potential in the secondhand market, which is still pretty new and has plenty of room to grow.

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Mainstream Popularity

The “pre-loved” fashion category isn’t just a niche anymore. It’s gone mainstream. Shows like Love Island, sponsored by eBay, have contestants promoting secondhand styles. Even big retail chains like Primark are getting in on the action, adding secondhand sections to their stores.

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The Challenge of Making Money

Despite the popularity, making money in the online secondhand fashion world isn’t easy. Vinted’s competitors, like Depop and RealReal, reported losses last year. eBay has even removed seller fees for pre-owned fashion to stay competitive.

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The Future of Secondhand Fashion

Sales of “pre-loved” clothes and shoes are set to make up a tenth of the global fashion market next year. Last year alone, global sales of pre-owned clothes surged by 18%, reaching $197 billion (£156 billion). By 2028, this number is expected to hit $350 billion, according to a report by GlobalData for ThredUp.

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Final Thoughts

So, next time you think about buying new clothes, why not consider something secondhand? Not only can you find unique pieces, but you’re also contributing to a more sustainable future. Vinted is leading the way, proving that secondhand fashion is more than just a trend—it’s a movement.

What do you think about secondhand fashion? Have you ever bought or sold pre-loved clothes? Let me know!

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