This article features an interview with Vinted CEO Thomas Plantenga, who is speaking at TNW Conference on June 21. Check out the full event schedule here . Vinted CEO Thomas Plantenga has reason to celebrate.
His company recently became the first “pre-loved” clothing platform to make a profit after a monumental 61% surge in sales. It’s now firmly established as Europe’s largest online marketplace for second-hand fashion. The results represent a remarkable turnaround.
When Plantenga joined Vinted in 2016, the company was on the verge of collapse. The trouble emerged despite a promising start based on a common problem. It was 2008 and Milda Mitkute, a 22-year-old Lithuanian, was moving into small student accommodation.
But her new home didn’t have space for her old clothes. The <3 of EU tech The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox.
Sign up now! At a house party in Vlinus, Mitkute explained her dilemma to Justas Januaskas, an old friend and programmer. The duo decided to create a website to sell her surplus clothes. Within a few weeks, they had launched the first version of Vinted.
The project quickly evolved into a popular platform. But financial problems were bubbling under the surface. Vinted was free for users and monetised through advertising.
Before long, those revenues barely covered the site’s server costs. Desperate for extra income, the company i.