From rags to riches: Second-hand clothing website Vinted made £15.4m last year after a £17m loss in 2022
Vinted has made its first annual profit by cashing in on young shoppers shunning fast fashion.
The Lithuanian startup, Europe’s largest old clothes buying and selling website, made £15.4m last year after a £17m loss in 2022.
Sales rose 61 per cent to £509m after it launched a service to verify high-end brands. The business was also boosted by expansion into Denmark and Finland last year and the acquisition of design program Rebelle.
Its success comes as online giants such as Asos and Boohoo are falling out of fashion with younger customers.
Boss Thomas Plantenga said: “Our performance was not only proof that we can deliver strong growth but that we are at the forefront of a market with huge potential.”
It was founded in 2008 when Justas Janauskas created a website to help her friend Milda Mitkute clean out her wardrobe before moving house.