10-05-2024
Second-hand marketplace Vinted has announced that it “reached profitability” for the first time in 2023 after its revenue soared by 61% year-on-year to nearly €600 million amid a boom in demand for pre-owned goods.
The firm, which since its launch in 2008 has grown to become the leading international C2C second-hand fashion marketplace in Europe, posted €596.3 million in revenue in 2023, up from €370.2 million in 2022.<
Meanwhile, adjusted EBITDA was €76.6 million, and net profit was €17.8 million, versus a net loss in 2022 of €20.4 million.
Future investments
The company said that despite an uncertain macroeconomic backdrop, it outpaced its planned growth during 2023, and now has plans for further investment, including in delivery services and possible acquisitions, to accelerate its expansion.
This expansion will be funded by a €50 million revolving credit facility from BNP Paribas and ING Bank, which was secured by Vinted in Q4 2023. The firm noted that it is looking for potential future investment or expansion opportunities, including M&As.
“We have been deploying capital with high ROI for many years, constantly considering 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,” said Thomas Plantenga, Vinted Group’s CEO.
“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,” he added.
Meanwhile, adjusted EBITDA was €76.6 million, and net profit was €17.8 million, versus a net loss in 2022 of €20.4 million.
Future investments
The company said that despite an uncertain macroeconomic backdrop, it outpaced its planned growth during 2023, and now has plans for further investment, including in delivery services and possible acquisitions, to accelerate its expansion.
This expansion will be funded by a €50 million revolving credit facility from BNP Paribas and ING Bank, which was secured by Vinted in Q4 2023. The firm noted that it is looking for potential future investment or expansion opportunities, including M&As.
“We have been deploying capital with high ROI for many years, constantly considering 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,” said Thomas Plantenga, Vinted Group’s CEO.
“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,” he added.
Source: CEP Research