Vinted Hits €1.1bn Revenue but Profits Slide as It Invests in Growth

Why It Matters

The growth‑driven spending underscores Vinted’s push to dominate Europe’s second‑hand market, but the profit dip highlights the short‑term cost of scaling logistics and payment infrastructure.

Key Takeaways

• Revenue reached €1.1bn ($1.2bn), up 35% YoY.
• Adjusted EBITDA fell 5% to €151m ($165m).
• Net profit dropped 19% to €62m ($68m).
• Expanded Vinted Go to Portugal, Spain; launched Vinted Pay.
• Entered Latvia, Estonia, Slovenia, strengthening European footprint.

Pulse Analysis

Vinted’s 2025 financials illustrate the accelerating momentum of the circular fashion economy. With revenue climbing to €1.1 billion, the platform captured €10.8 billion in gross merchandise value, reflecting a 47% surge in peer‑to‑peer transactions. This scale not only fuels higher turnover but also positions Vinted as a key player in sustainability, as more consumers opt for pre‑owned apparel to reduce waste. The company’s robust top‑line growth aligns with broader trends where second‑hand marketplaces are outpacing traditional retail in Europe, driven by cost‑conscious shoppers and heightened environmental awareness.

Despite the revenue boost, profitability softened as adjusted EBITDA slipped to €151 million and net profit fell to €62 million. The decline stems from strategic investments in Germany, where Vinted is deepening its market share, and in new service offerings such as Vinted Go logistics and Vinted Pay. By building its own shipping rails and wallet solution, Vinted aims to lower transaction friction, improve seller velocity, and capture ancillary revenue streams. These initiatives, while costly now, are designed to create a self‑reinforcing ecosystem that can sustain long‑term margin expansion once scale offsets the upfront spend.

Geographic expansion remains a cornerstone of Vinted’s growth playbook. The recent launches in Latvia, Estonia and Slovenia extend the platform’s reach into the Baltic and Central European corridors, complementing its existing presence in Portugal and Spain. This rollout not only diversifies revenue sources but also raises the competitive bar against rivals like Depop and ThredUp, which are also eyeing cross‑border growth. As Vinted continues to invest in technology, safety, and member support, the company is poised to solidify its position as Europe’s go‑to marketplace for second‑hand fashion, translating current profit pressures into future market leadership.