Second-Hand Clothes App Vinted Reports Jump in Revenue and Profit 

Vinted plans to expand into more countries in 2025. (Getty Images)
Vinted plans to expand into more countries in 2025. (Getty Images)
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Second-Hand Clothes App Vinted Reports Jump in Revenue and Profit 

Vinted plans to expand into more countries in 2025. (Getty Images)
Vinted plans to expand into more countries in 2025. (Getty Images)

Vinted, an app where users buy and sell second-hand clothes, reported a 36% increase in revenue for 2024 on Tuesday and said it more than tripled its net profit, as more shoppers opt for cheaper used items instead of new.

Vinted has benefited as inflation-weary European consumers slashed their spending on clothing, and looked for new ways to make money by selling their own unwanted items.

Founded in Lithuania in 2008, Vinted reached profitability for the first time in 2023. It was valued at 5 billion euros ($5.69 billion) in a secondary share sale in October last year.

Vinted plans to expand into more countries in 2025, having launched in Croatia, Greece, and Ireland last year for a total of 22 markets in Europe.

Vinted started letting users buy and sell second-hand electronics on the platform in 2024, and said it would add more categories, though it is still mainly known for clothing.

Revenue for 2024 was 813.4 million euros ($925.89 million), up from 596.3 million euros in 2023, while net profit jumped 330% to 76.7 million euros.

Lithuania's first "unicorn", a term for a privately-held company with a valuation exceeding $1 billion, Vinted said it is launching an investment arm, Vinted Ventures, aimed at funding other second-hand retail startups.

Vinted Ventures will offer funding of between 500,000 euros and 10 million euros to Series A and Series C stage companies.



Burberry Shows Early Signs of Recovery as 1st Quarter Sales Fall Less than Expected

FILE PHOTO: A Burberry store is seen in London, Britain, January 16, 2023.  REUTERS/Peter Nicholls/File Photo
FILE PHOTO: A Burberry store is seen in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo
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Burberry Shows Early Signs of Recovery as 1st Quarter Sales Fall Less than Expected

FILE PHOTO: A Burberry store is seen in London, Britain, January 16, 2023.  REUTERS/Peter Nicholls/File Photo
FILE PHOTO: A Burberry store is seen in London, Britain, January 16, 2023. REUTERS/Peter Nicholls/File Photo

Burberry's retail sales fell by a less-than-expected 1% in the first quarter, it reported on Friday, in early signs of a recovery for the British luxury brand struggling with underperformance.

Shares in Burberry, which have more than doubled since September, rose 5% in early London trade.

Known for its trench coats and check pattern scarves, Burberry is using its British heritage designs to try to win back customers under the leadership of CEO Josh Schulman, who took over a year ago.

Comparable sales returned to growth in Europe, the company said, while trading in the Americas strengthened. Sales fell in China and in the rest of Asia, but the rate of decline was around half the level seen in the previous quarter.

"The improvement in our first-quarter comparable sales, strength in our core categories, and uptick in brand desirability give us conviction in the path ahead," Schulman said, adding that the autumn collection was being "well received".

Burberry has issued several profit warnings in recent years, and as part of its turnaround drive since Schulman took over, it plans to cut a fifth of its global workforce, a radical cost-cutting measure that investors have welcomed.

The 1% drop in overall comparable retail sales in the first quarter, which ended on June 28, beat analysts' forecasts for a 3% decline in a consensus provided by the company, and improved on a 6% fall in the previous quarter.

According to Reuters, analysts at Citi said the brand had reported its third consecutive quarter of like-for-like improvement since Schulman launched its new strategy last November, implying comparable sales could turn positive in the current quarter.

"In a quarter marked by further macro and geopolitical pressures and weaker tourist spending in Europe and Japan, Burberry has likely held up better than peers quarter-on-quarter," they said.