Vinted - Company Profile
Headquartered in Vilnius, Lithuania, Vinted is a marketplace that allows people to sell and buy second-hand fashion. The company's c-suite executives include Milda Mitkute, Thomas Plantenga, Mantas Mikuckas, and Justas Janauskas. It was established in 2008 and now caters to over 20 million users in 12 countries.
- Vinted was founded in 2008 by Milda Mitkute and Justas Janauskas.
- Milda Mitkute also serves as the Head of Performance Marketing at the company. Prior to that, she was the Head of Social Media at Vinted. She has a bachelor's degree in Culture Management from Vilnius University and a master's degree in Cultural Management from both Vilnius Academy of Arts and ISM University of Management and Economics.
- Justas Janauskas co-founded Qoorio and Vieta as well. He has a bachelor's degree in Computer Sciences from Vilnius University and a master's degree in the same field from Vilnius University.
- Thomas Plantenga is the CEO of Vinted. He started as a strategy consultant for the company in 2016. Two months after, he was promoted and served as a chief strategy officer, after which he worked his way up and became the CEO.
- Mantas Mikuckas is the COO of Vinted. He is one of the founders of the company. He also founded Interdata and Practica Capital. He currently serves as an angel investor & advisor to TRAFI.
Value Proposition, Product Offerings & Competitive Advantage
- Vinted operates in several countries, including the US, Spain, the UK, Belgium, France, the Netherlands, Luxembourg, Austria, Poland, Lithuania, and Czech Republic.
- The fact that Vinted is a free marketplace that does not take any portion or cut of sales made by sellers sets it apart from competitors like Etsy.
- Vinted allows people to list items they are interested in selling on the platform for free. Interested buyers can purchase these items after paying via PayPal, Vinted Balance, or bank card. These buyers receive their items in less than a week after paying for shipping.
- Vinted now has 180 million products on its platform and has reached a valuation of $1 billion. This makes it a leader in the industry it operates in.
Growth & Market Expansion
- Vinted was founded as a website in 2008 in Lithuania. A year after, it launched in Germany and grew beyond expectations.
- By 2013, it kicked off a Series A funding round, where it raised 6 million euros. In 2014, it raised another 24.8 million euros in a Series B funding round led by Accel Partners and Insights Venture Partners.
- In 2016, the company was bent on being profitable. They were advised by Thomas Plantenga (then a strategy consultant, now its CEO) to move from mandatory sales fees into offering a free product with additional paid services like closet promotion as an option.
- This business model change increased its monthly sales by 230%. Vinted reported that it processed $360 million in sales in 2017. Its revenue reached almost $14 million in the same year.
- The company now operates in 12 markets including the US and the UK. It has 25 million users and employs 300 people.
- Vinted's future plans include getting more male shoppers on its platform, as it is currently mainly focused on female fashion.
- There are mixed perceptions of Vinted. On Influenstar, it has a 4 out of 5 rating. There are several complaints about buyers being sold fake items on the marketplace. Users also claim that there are scammers on the platform.
- Positive perceptions about the platform include the easy to use interface and making more money than expected from sales.
- Vinted is rated 2 out of 5 on Trustpilot and 1.6 out of 5 of SiteJabber. There are several complaints about scammers and buyers getting away with anything.
- There are also a lot of complaints about the poor customer service on Vinted. As one user described, "Vinted is a haven for SCAMMERS & FRAUD [and] customer service is awful."