Vinted We are ready for IPO! and are planning to expand into new markets!
Vinted plans to expand into new markets and is ready for IPO
BusinessDialogue learned that the second-hand fashion market Vinted has stated that it is technically ready for an IPO. However, the company currently has no plans to go public. The CEO envisions a different type of growth for the company, becoming a stronger technology company that will last for decades.
Vinted is an online platform where users can buy and sell second-hand clothing. It was founded in Lithuania and became the country’s first unicorn in 2019. Last year, it acquired the luxury second-hand fashion market Rebelle.
In 2021, Vinted had a loss of 118 million euros. At the same time, its revenue increased to 245 million euros. In May of the same year, the company raised 250 million euros in growth capital from investors, valuing it at 3.5 billion euros.
No Plans for an IPO Yet
Although an IPO is the logical next step for many companies, this is not the case for Vinted. “We are building this company in a way that is already prepared for an IPO technically. We will only choose the right time for the company,” said CEO Thomas Plantenga.
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Vinted is not seeking to maximize profits but is currently investing in the company’s sustainability. It has 150 job vacancies, and it hopes to invest in further growth through these openings. “My job is to explain to our investors why these longer paths to building bigger things will create better returns.”
New Focus on Luxury Brands
BusinessDialogue has learned that Vinted is currently looking to improve the experience of purchasing second-hand goods. Additionally, the company is planning to expand into new markets. With the acquisition of Rebelle last year, it began to enter the luxury fashion sector. “Luxury brands are growing, which means that vintage luxury brands are growing. We will allow people who buy new luxury goods to buy and sell second-hand goods, thereby making the entire industry more circular.”
The author ✎Estella/AMZ123
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