Alongside swinging to profit, Vinted reported revenue growth of 61% in 2023 to €596.3m ($636.3m), benefiting from an expansion in existing and new markets and the launch of a new service for designer and luxury fashion.

EBITDA was €76.6m, and net profit was €17.8m compared with a net loss in 2022 of €20.4m.

The group has also benefitted from an acceleration of the development of shipping services with Vinted Go and initial steps to further deepen the value chain with payment services. These steps are helping Vinted continue to enhance its customer value proposition and accelerate its global mission to grow the secondhand market.

Thomas Plantenga, Vinted Group’s CEO said: “Secondhand fashion is still a relatively immature market and only a tiny proportion of fashion overall. Our performance in 2023 was not only proof that we can deliver strong growth but that we are at the forefront of a market with huge potential. More importantly, growing C2C secondhand fashion is an impactful way to mitigate the harm of the fashion industry and the reason behind our mission to make secondhand the first choice.

“We have been deploying capital with high ROI for many years, constantly taking into account the financial sustainability of our investments, so I am pleased we can now share that we are operating profitably, and posted positive EBITDA for 2023. 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.”

In the fourth quarter, Vinted secured a €50m revolving credit facility from BNP Paribas and ING Bank which it says will be used for potential future investment or expansion opportunities, including M&A.

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“For 2024, we will continue on this mission, delivering against multiple growth vectors including geographic expansion and category development…We see many opportunities ahead, so we’ll continue to balance profitability against investment opportunities to accelerate towards our mission,” Plantega added.

According to new research, apparel’s secondhand market is set to grow three times faster than overall global fashion.