Vinted, the Vilnius-based secondhand marketplace, reported 2025 annual revenue of €1.1bn (up 38% year-on-year) on gross merchandise value of €10.8bn (up 47%), making it one of the largest consumer marketplaces in Europe by transaction volume.
Net profit fell 19% to €62m and adjusted EBITDA dropped 5% to €151m. The compression was deliberate: Vinted invested to turn around Germany, expanded into three new countries, rolled out its carrier service to two more markets, and launched a payments wallet. Free cash flow rose 36% to €137m.
The key numbers:
- GMV: €10.8bn (2024: €7.3bn)
- Revenue: €1.1bn (2024: €813m)
- Adjusted EBITDA: €151m (2024: €159m)
- Net profit: €62m (2024: €77m)
- Free cash flow: €137m (2024: €101m)
Where the investment went
Three areas absorbed the incremental spend:
- Germany — historically a difficult market for Vinted — saw a turnaround after product improvements allowed the company to deploy marketing at stronger ROI.
- Category expansion beyond core fashion into sports equipment and collectables brought new members onto the platform.
- Geographic expansion into Latvia, Estonia, and Slovenia extended the company's European footprint.
Building the rails
The more structural investments were in logistics and payments — the infrastructure Vinted believes will determine long-term defensibility in C2C commerce.
Join European founders, operators, and investors who read The Checkout every week.
Vinted Go, the company's in-house carrier service, launched in Spain and Portugal and opened a new sortation centre in France. It now operates across five markets (Belgium, France, the Netherlands, Portugal, and Spain) and has started testing logistics services for external clients. The marketplace's delivery network spans more than 500,000 pick-up and drop-off points across Europe, according to the company.
Vinted Pay, its proprietary payments solution, began onboarding users onto a wallet product designed to reduce third-party payment costs over time.
Why it matters
Vinted's results illustrate a broader bet in European marketplace commerce: that owning logistics and payments — not just the demand layer — is what creates durable margin. Europe's C2C fashion and beauty resale market is forecast to exceed €15bn, and Vinted's €10.8bn in GMV suggests it already commands a dominant share.
Vinted is one of few European consumer marketplaces that is both profitable and growing at scale. Compressing margins to build owned infrastructure signals confidence that the second-hand market has room to expand — particularly if lower costs make it viable to trade lower-value goods.
"We need to be the most cost-efficient, be the most reliable and easy to use," said Thomas Plantenga, CEO of Vinted. "We do this by investing in technology to have long-term scalable impact."
AUTHOR
SUPPORTED BY PAPER RUN
Paper Run helps brands win back customers that email can't reach through automated direct mail that integrates with Shopify & Klaviyo.
SUPPORTED BY SHOPLIFT
A/B Testing Doesn't Have to be a Pain in the SaaS. Unleash your store’s profit potential with the first CRO platform purpose-built for Shopify.
JOIN OUR FOUNDER NETWORK:
VENICE FOUNDERS NETWORK
A private network for Europe's leading eCommerce founders & CEOs.
A space for founders & CEO's to find each other, learn from each other, and move faster together.
