Secondhand fashion marketplace Vinted says that it is technically ready for an IPO. However, the company currently has no plans of going public. The CEO envisions a different type of growth for the company, to become a stronger tech company that will last for decades.
Vinted is an online platform where users can buy and sell pre-owned clothing. It was founded in Lithuania and became the country’s first unicorn in 2019. Last year, it acquired the luxury secondhand fashion marketplace Rebelle.
In 2021, Vinted made 118 million euros in losses. At the same time, its revenue increased to 245 million euros. In May that year, the company raised 250 million euros in growth capital from investors. It was valued at 3.5 billion euros at the time.
No IPO planned yet
While an IPO is a next logical step for many companies, that is not the case for Vinted. “We are building this company in a way that it is technically IPO-ready at this point in time. And we will just pick the moment that’s good for the company”, says CEO Thomas Plantenga.
Vinted wants to grow its team and currently has 150 job openings.
Vinted is not looking to maximize its profit, but is currently investing in sustainable growth of the company. It has 150 job openings, through which it wants to invest in further growth. “My job is to explain to our investors why these longer paths of building something bigger create a better return.”
New focus on luxury brands
For now, the marketplace wants to improve the experience of buying secondhand. Additionally, the company is planning to expand to new markets. With the acquisition of Rebelle last year, it is dipping its toes into luxury fashion.
‘Luxury brands at vintage are growing.’
“Luxury brands are growing, that means that luxury brands at vintage are growing. We will be there and do anything so that people who buy new luxury products, are able to sell secondhand and buy secondhand, so that we make the whole industry circular.”
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- Source: https://ecommercenews.eu/vinted-we-are-ipo-ready/