Vinted profits triple in FY24 as revenues soar 36%
Adjusted EBITDA was €158.9m (£134.9m) compared with €76.6m in 2023
Vinted Group has seen its profits triple in FY24, as net profit soared by 330% to €76.7m (£65.1m), while revenues rocketed 36% to €813.4m (£690.5m) during the financial year.
The group also significantly strengthened its financial position, reporting adjusted EBITDA of €158.9m (£134.9m), compared with €76.6m (£65m) the prior year.
During the year, the online marketplace broadened its reach in existing markets, as well as launching into Croatia, Greece and Ireland.
It experienced “strong” growth across its existing categories, including newer categories like luxury fashion while it launched a second hand electronics category.
In 2025, Vinted will continue expanding geographically and investing into new categories, while strengthening the services that help members transact at low cost.
These priorities will be supported by its growing team which in 2024 rose by 19%, reaching over 2,200 employees across Vinted’s entities, with the majority based at its headquarters in Vilnius, Lithuania.
Thomas Plantenga, CEO of Vinted Group said: “This performance is the result of our hard work to deliver products that bring high value for members at the lowest possible cost. We do this by having a relentless focus on cost control, building complex infrastructure ourselves, and innovating to bring new services and solutions at scale. It’s this mix of scale, innovation, cost control that helps us succeed.
“At Vinted, we aim to build an ecosystem of businesses that can change the way society consumes. Given the potential size of the market, we know there’s a huge opportunity ahead and lots of work to be done to get there. We see our current position as a solid foundation to build this future on, and we’ll continue to learn and improve. We are at the start of the journey and aiming high.”
Maurizio D’Arrigo, CFO of Vinted, added: “These results not only reflect Vinted’s wide adoption across Europe, but also our substantial contribution to the second-hand economy. This, along with securing our secondary share sale and €5bn (£4.2bn) valuation, demonstrates our robust financial position to be able to continue to scale and reinvest into the business, fuelling further growth.”