Vinted hits €1.1B revenue and sets sights on the US
Lithuanian secondhand marketplace Vinted has reported its 2025 annual results, posting €1.1 billion in revenue — up 38% year-on-year — and €10.8 billion in gross merchandise value (GMV), up 47%. Net profit came in at €62 million, down 19% from €77 million in 2024, as the company deliberately invested in growth over short-term profitability. Free cash flow rose 36% to €137 million.
The company, founded in 2008 and valued at €8 billion, is now among the largest e-commerce platforms in Europe by GMV.
Vinted's profit dip is a strategic choice, not a distress signal. The company invested heavily in cracking the German market — one of Europe's largest and most competitive e-commerce battlegrounds — and in expanding its in-house logistics arm, Vinted Go, into Spain and Portugal.
It also pushed into new product categories including sports and collectibles, and launched Vinted Pay, its own wallet solution designed to reduce payment costs over time.
The results mark Vinted's third consecutive profitable year, having turned its first-ever profit in 2023. Growing GMV at 47% while staying in the black — even at lower margins — is a rare combination for a marketplace at this scale.
Vinted's adjusted EBITDA fell 5% to €151 million even as revenues surged, underlining how capital-intensive the logistics and payments buildout is. Vinted Go, its in-house carrier, now operates in five markets but remains a cost centre relative to the marketplace business.
If the German market fails to deliver the returns Vinted is banking on — Germany has proved a graveyard for several European e-commerce expansions — the investment thesis behind the profit squeeze weakens considerably.
The platform also operates in a market increasingly crowded with competitors, from Depop and Wallapop to fast-growing Asian platforms. Regulatory pressure on secondhand and recommerce platforms in Europe is also rising, particularly around product safety and seller verification.
The company grew from €11 million in revenue in 2017 to €1.1 billion in 2025 — a 100-fold increase in eight years, built entirely on European markets. In January 2026, it launched its most ambitious move yet: a major push into the US, starting with New York, backed by tens of millions in marketing investment. The US resale market is forecast to nearly double to $40 billion by 2029, dwarfing Europe's.
If Vinted can replicate even a fraction of its European dominance stateside, the current profit squeeze looks less like a warning sign and more like a down payment on its next decade of growth
Sources:
Vinted
Vinted
Reuters
RTE
Paperjam
Fashion United
Seb Johnson's LinkedIn post
Image credit:
Vinted
J.V.
