Vinted increased its revenue, optimised operations and continued active expansion last year
Vinted, the largest online international C2C marketplace in Europe dedicated to second-hand fashion, entered three new markets last year, optimised its structure and operations, launched its shipping business, Vinted Go, and continued to grow. This is reflected in the financial results of Vinted, UAB and its direct and indirect subsidiaries (“Vinted, UAB Group”), as revenue increased by €126,1 million (51%), and losses before tax decreased by €70.9 million (62,3% ).
The published results reflect the consolidated results of Vinted, UAB Group*. The consolidated results of Vinted Limited and its direct and indirect subsidiaries (“Vinted Limited Group”, which includes Vinted, UAB Group), will be submitted to the relevant UK authority at a later date and will differ from Vinted, UAB Group’s results.
Vinted, UAB Group's revenue in 2022 was €371.4 million, 51% higher than in 2021 (€245.3 million). Its losses before tax decreased by €70.9 million (62.3%) to €42.9 million. In addition, Vinted, UAB Group ended the previous year with a cash reserve of €118.4 million, excluding Vinted, UAB Group's treasury investments in EU government bonds.
"2022 was a year of major changes for Vinted, including the launch of our shipping business Vinted Go. We also completed the acquisition of the Rebelle marketplace business. Despite the challenging global economic situation, our financially sustainable business model, active development and optimisation of our operations allowed us to continue to increase our revenues and significantly reduce our losses. We are continuing our strategy of investing in growth. At the same time, in 2023 we have been focusing on delivering a positive financial performance." says Marija Buivydaitė, Senior Finance Director of Vinted.
Vinted marketplace launched in three new markets last year - Sweden, Hungary and Slovakia, and today offers its services to more than 80 million registered members in 19 countries in Europe and North America. Last month Vinted marketplace launched in Romania and plans further market expansion this year, such as Denmark and Finland.
Vinted, UAB Group has also continued to expand its team, with the number of employees growing from 935 at the end of 2021 to 1266 at the end of 2022 and a new office will open in Kaunas, Lithuania, this year. Today, more than 1,800 professionals work across all Vinted companies.
"In these uncertain times, we have enough funds to invest in growth, and can continue to pursue our mission to make second-hand the first choice globally," says Buivydaitė.
Last year, Vinted also focused on helping people affected by the war in Ukraine. Vinted, as an organization, contributed EUR 2 million last year to support and directly fund various medical and humanitarian aid initiatives. In addition, more than EUR 1 million was donated by members of the Vinted marketplace community, while Vinted employees provided support through volunteering and other initiatives.
*Vinted, UAB Group includes Vinted marketplace and Vinted Go businesses, as well as the Rebelle marketplace business which was acquired by Vinted, UAB last year.