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<\/p>\nThe milestone follows a strong 2023, reaching \u20ac596.3mn in revenue \u2014 a 61% increase compared to the previous year (\u20ac370.2mn).<\/p>\n
With an adjusted EBITDA<\/a> at \u20ac76.6mn, Vinted turned a \u20ac20.4mn net loss in 2022 into a \u20ac17.8mn net profit in 2023.<\/p>\n The startup attributes its profitability to significant growth, starting with increased penetration in existing markets and its expansion to Romania, Denmark, and Finland.<\/p>\n Celebrate King’s Day with TNW Conference<\/p>\n Use code GEZELLIG40 on your Business, Investor and Startup passes and get 40% off.<\/p>\n<\/div>\n<\/div>\n In addition, the company continued its expansion into luxury fashion with verification, and further developed Vinted Go, its own shipping service.<\/p>\n \u201cSecond-hand fashion is still a relatively immature market and only a tiny proportion of fashion overall,\u201d Thomas Plantenga, CEO of Vinted, said in a statement.<\/p>\n \u201cOur 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.\u201d<\/p>\n The startup also increased its workforce last year and now counts 2,000 employees, with the majority based in Lithuania.<\/p>\n Vinted is the first unicorn of Lithuania, which is the fastest-growing startup ecosystem in the Baltics and Central and Eastern Europe (CEE) region, following a seven-fold increase in enterprise value<\/a> between 2018 and 2023.\n <\/div>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more like this article, you can visit our Technology category.<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n\n