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Second hand fashion startup Vinted is exploring the possibility of a share sale which could value the company at €8bn (£7.1bn), according to reports from The Financial Times.
The company is reportedly in preliminary discussions about selling its existing shares which could net it hundreds of millions.
Any deal process would be likely to begin in the new year while those familiar with the process cautioned that discussions were at an early stage and no valuation had been set.
Vinted brought in investors a year ago in a deal worth around €5bn (£4.4bn) led by US-based investment group TPG and asset manager Baillie Gifford.
The company’s CEO Thomas Plantega revealed that its revenues were set to rise by around 40% to more than €1bn (£880m) this year, from €813m (£716m) in 2024, off sales of items on its platform with a gross merchandise value of €10bn (£8.8bn). The business’ net profits roughly quadrupled last year to €76.7m (£67.6bn).
Founded in 2008, Vinted became the first business started in Lithuania to achieve a valuation of €1bn (£880m) in 2019. Its previous backers include Accel, Insight Partners, EQT, Lightspeed and Sprints.
The business is now shifting its focus beyond clothes to offer new categories such as electronics, books, toys and video games. The company is also toying with the idea of expanding into the US.
The company said on Friday it had started its first test to crack the US market by establishing a connection between London and New York that allows buyers and sellers in each location to trade with each other.
