Vinted boss sees 'fundamental' shift in consumer patterns, as secondhand firm notches $9 billion valuation
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- Vinted CEO Adam Jay told CNBC there is a 'fundamental change in consumption towards second hand' that is 'very much here to stay,' noting the platform grew both before and through the cost-of-living crisis
- Vinted completed a secondary share transaction of €880 million ($1.02 billion) in late April led by EQT, valuing the company at over $9 billion, with no new primary capital raised
- The deal brought new investors Schroders Capital and BlackRock while existing shareholder Baillie Gifford increased its position; Vinted said it is cash-positive
- Vinted's 2025 revenue rose 38% to €1.1 billion and GMV jumped 47% to €10.8 billion, but net profit declined 19% as the company invested in Vinted Go shipping, Vinted Pay, and new categories beyond fashion
- Vinted users saved €21.6 billion on fashion in 2025 versus retail prices, paying on average 72% less than original prices, per the company's 2025 Impact Report
- Vinted operates in 26 countries with France and the UK as its biggest markets and is ramping up U.S. marketing for the first time, with Jay calling it an 'enormous opportunity' that could take 'weeks, months, and maybe years'
- For competitive context, eBay reported GMV of $79.6 billion in 2025 and announced plans to acquire Depop from Etsy for about $1.2 billion to bolster its fashion appeal
Why it matters: Vinted is cash-positive and just pulled in €880 million in secondary liquidity at a $9 billion-plus valuation, meaning it faces zero pressure to IPO despite intensifying speculation — a luxury that lets it absorb a 19% net profit decline while it builds shipping, payments, and U.S. infrastructure. The platform's €10.8 billion GMV still trails eBay's $79.6 billion by roughly 7x, so the bull case rests on GlobalData's finding that online secondhand apparel is growing at twice the speed of the overall market.
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