Rags to riches: Second-hand clothes website Vinted made £15.4m last year after a £17m loss in 2022
Vinted has turned its first annual profit as it cashes in on young shoppers shunning fast fashion.
The Lithuanian start-up – Europe’s largest website for buying and selling old clothes – made £15.4million last year after a £17million loss in 2022.
Sales surged 61 per cent to £509million after it launched a service to verify high-end brands. Business was also boosted by an expansion into Denmark and Finland last year, and its takeover 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 his friend Milda Mitkute clear her wardrobe before she moved house.
