Thanks to a year-on-year increase in sales of 61 percent, last year Vinted’s net profit reached 18 million euros (453.1 million CZK). Even in 2022, the company ended up with a loss of 20 million euros.
The Lithuanian company, which also operates in the Czech Republic, recently expanded to new markets in Denmark, Finland and Romania and launched a new delivery service Vinted Go in France, the server of the British television station BBC pointed out.
At the same time, its boss Thomas Plantenga added that secondhand fashion is still only a small part of the entire fashion market.
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On the contrary, a large part is fast fashion, where one of the largest sellers – the Shein company – is also trying to break into the drugstore, cosmetics and toy market.
In several countries, the company has already entered into cooperation with the Colgate-Palmolive (drugstore, cosmetics) or Hasbro (toys) brands, Reuters reported.
China’s Shein, known for the sale of cheap clothes, has so far given the mentioned brands access to its trading platform in nine European countries and already last year in the United States, Brazil and Mexico.
It is a long-term business strategy aimed at building trust with customers and better competing with the American Amazon.
Photo: Edgar Su, Reuters
Shein logo in a mall in Singapore.
“Everyone associates Shein with fashion, but we do business in all verticals,” Christina Fontan, the brand’s director of operations for Europe, the Middle East and Africa, said at a conference in Paris in mid-April.
“Our consumers want brands, so if that’s what they’re looking for, that’s what we’ll give them,” she added.
According to experts, in order for Shein to really compete with Amazon or AliExpress with its online marketplace, an agreement with well-known companies is key for it.
“If Shein wants to compete as a trusted platform with a good reputation, it needs the support of well-known Western brands,” said Xiaofeng Wang, an analyst at Forrester in Singapore.
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