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July 11, 2022

Miinto eyes circular future with The Vintage Bar buy

European fashion platform Miinto has acquired secondhand fashion marketplace The Vintage Bar to fuel its scalability to be a prominent player within circular fashion.

By Beth Wright

Teaming up with The Vintage Bar will increase Miinto’s circular initiatives, specifically its ’25 in 25 goal’ which sees the company aim to reach 25% of total GMV from circular fashion by 2025.

The Vintage Bar will be the focal universe for all circular initiatives, offering customers conscious fashion choices and by giving brands a channel to close the loops within fashion, Miinto says.

The key strategic plan is to adapt to shifting customer needs by focusing on bringing The Vintage Bar ’s supply of more than 100,000 pre-owned items to Miinto’s platform, and to utilise The Vintage Bar’s existing platform and strong brand positioning among Gen Z and Y, to advance Miinto’s plans on launching a consumer-to-consumer marketplace. The shared vision of the companies, for a circular future, involves buyers becoming sellers and sellers becoming buyers.

Both marketplaces will operate separately but share an operational back office to optimise the buying and selling experience, and progressively merge to allow sharing of best practices and to support accelerated growth in the circular fashion market. Through this, the two companies will see an increase in size and reach of their marketplaces providing sellers with a much larger audience for their products, Miinto says. This, in turn, will also benefit buyers, who will be presented with a broader selection of pre-loved goods, enhancing the overall purchase experience.

Miinto and The Vintage Bar’ customers will gain access to an array of circular initiatives – such as rental, trade-in, repair, donation, excess inventory – in order to close the loops in the fashion industry.

“We want to be the go-to platform for all premium fashion, from new to pre-loved, encouraging our customers and partners to consume and shop consciously,” says Konrad Kierklo, CEO and founder of Miinto. “With this partnership, we are achieving a number of key priorities in our strategic plan, including optimising our technology to deliver faster, better and meaningful circular product implementations for our customers”.

Mikael Mortensen Savas, CEO of The Vintage Bar (TVB), adds: “Miinto is the ideal home for TVB as we share a vision of a more conscious, circular, and inclusive fashion industry. It’s about paying tribute to fashion, both past and present, and inspiring the next generation to see buying and selling secondhand as something just as normal as shopping firsthand. Together, we can be front-runners in making secondhand fashion a 100% natural part of the fashion industry, transforming the narrative surrounding fashion and secondhand fashion and joining them as one.”

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