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36,178 Views ā¢ Apr 15, 2024 ā¢ Click to toggle off description
But it was free for users, barely covering its server costs with advertising, and an attempt in 2014 to bolt on a Poshmark-style 20% sales commission resulted in a user revolt. Traffic almost halved overnight. The Netherlands-born Plantenga, who had never been to Lithuania, signed up for a five-week gig as a consultant in May 2016. He ended up becoming Vintedās CEO 18 months later.
Seven years later, Vinted is one of Europeās largest consumer marketplaces, with over $600 million of revenue in 2023. It now counts 100 million users gloĀbally. Last year, it posted its first annual profitāat least $20 millionādistinguishing it from its loss-making American cousins including The RealĀReal (valued at $360 million), ThredUp ($200 million) and Poshmark (sold for $1.2 billion). Vinted became the Baltic nationās first unicorn in 2019 when it raised $140 million at a $1.1 billion valuation, and sales have since grown sixfold.
Read the full story on Forbes: www.forbes.com/sites/iainmartin/2024/04/15/how-litā¦
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Views : 36,178
Genre: People & Blogs
Date of upload: Apr 15, 2024 ^^
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RYD date created : 2024-04-29T23:11:33.049845Z
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YouTube Comments - 44 Comments
Top Comments of this video!! :3
I just started following you, Forbes. These videos are very inspirational and insightful. Thank you.
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I just want an EU wide vinted. There is not even an EU wide search and you have to search each country individually.
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Second coming for secondhand clothes
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proud ā¤
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Wonderful idea, wonderful startup!
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When I gained 10kg in just one year I didn't want to spend on completely new wardrobe and so I swop all my clothes to size up for almost nothing compared to if I had to buy new
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It works! I use it and I recommend it.
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Vinted failed in Canada like many other companies
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What's with the jesus look
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RIP to them in UK soon. Is not free on eBay for buyers and sellers
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We need to be able to buy from other european countries. The limitation to buy only from your local country is annoying. On ebay I can buy from someone from Spain to Sweden. In Vinted only your country. But clothing trends do not care about national borders. Vinted has not even realised their potential
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charging no fee doesnāt make a sustainable business š®
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we cant talk bout tread up in europe cause it doesnāt exist. The platform only caters to usa and canada. the rest of the world is not in it like in depop. you can compare vinted to depop and tread up to the H&M second hand platform Sellpy besides that, we can talk about a global market of tread up cause it doesnāt exist outside usa and canada. Vinted is in all the continent of europe from uk to italy. As a shopper or seller you can make business with people inside those countries. Which makes it way better than other platforms.
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Love Vinted
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The founder looks like Jesus
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Failed website. I tried to create an account and have asked for a "verify code" 3 times. The site still needs work.
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Doing eBay for 6 years as a seller. From about 2020-2021 they (ebay) turned into completely unreliable, enormously greedy platform. Lot's of sellers are complaining. For example, eBay introduced "promotion" tool - you are paying around Ā£2 to promote your item. I used it twice (for really nice rear antique items to promote) - paid for promotion - and gained 2-3 VIEWS ONLY in a week ššš cheeky bustards š¢š¢
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How itās different from ebay ?
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I can't say one good word about Vinted. I registered an account for the first time a fortnight ago. Many times articles I uploaded for sale are immediately deleted by the artificial intelligence algorithm with the explanation that they cannot be sold on Vinted. Then the chaos begins. You try to appeal the decision. And the outcome depends solely on the agent handling your case. For example, for the same items, the Alberta agent rejected all my appeals. When I sent the same appeals frowned upon to another agent, they were all approved and my adverts were reinstated. So there is pure chaos inside Vinted and the professionalism and knowledge of some agents is at zero.
Two days ago my account was blocked due to the fact that I have more than accounts on Vinted. And this is not true! It's impossible to talk to an agent: you only get formal, inhuman answers from the AI bot.
Vinted disrespects customers by not giving you the opportunity to talk to a human and appeal a decision. And that's what they do to a lot of people. There are many social media groups with thousands of members who tell the same stories about blocked accounts and adverts removed for no reason.
In addition, Vinted is not GDPR compliant. They have no option to delete data and simply ignore all GDPR requests.
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@Retronize84
2 weeks ago
I think Ebay got too greedy and will suffer long term. 20% fees is insane...
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