Vinted
{{short description|Lithuanian online used clothing marketplace}}
{{Use dmy dates|date=April 2024}}
{{Infobox company
| name = Vinted
| logo = Vinted Logo 2022.svg
| type = Private
| industry = Recommerce
| founded = {{Start date and age|2008}}
| founder = Milda Mitkutė and Justas Janauskas
| hq_location_city = Vilnius
| hq_location_country = Lithuania
| key_people = Thomas Plantenga (CEO)
| products = Used clothing and other products
| revenue = {{increase}}€596 million (2023){{citation|title=Vinted delivers strong year of growth and reaches profitability, while investing for the future|url=https://company.vinted.com/newsroom/vinted-reaches-profitability|website=www.vinted.com}}
| operating_income = {{increase}}€77 million (2023)
| net_income = {{increase}}€18 million (2023)
| num_employees = 1242 (2022)
| website = {{URL|https://www.vinted.com}}
}}
Vinted, UAB Group, commonly known as Vinted, is a Lithuanian online marketplace for buying, selling, and exchanging new or secondhand items. {{Cite news|url=http://tech.eu/features/3655/vinted-profile/|title=The story behind Lithuanian secondhand marketplace Vinted|date=15 January 2015|work=Tech.eu|access-date=19 July 2017|language=en-US|archive-date=9 June 2021|archive-url=https://web.archive.org/web/20210609111442/https://tech.eu/features/3655/vinted-profile/|url-status=live}}{{Cite web |title=What you can sell on Vinted - Vinted Official Site |url=https://www.vinted.co.uk/help/52-what-can-i-sell-on-vinted}}
History
Vinted was co-founded in 2008 by Milda Mitkutė and Justas Janauskas in Vilnius, Lithuania. Mitkutė was moving house and needed a way to sell her surplus clothes. This led to the creation of a website where users could trade their clothing items.
In 2012, Vinted partnered with Lemon Labs, a Lithuanian-based app development consultancy, to launch their mobile app.{{Cite web|url=http://lemonlabs.co/vinted/|title=Vinted Case Study|website=Lemon Labs|access-date=19 July 2017|archive-date=30 July 2016|archive-url=https://web.archive.org/web/20160730101833/http://lemonlabs.co/vinted/|url-status=dead}} In 2016, Dutch businessman Thomas Plantenga joined Vinted's management team as a strategy consultant and later became the CEO.{{Cite web|last=Knowles|first=Kitty|title=Step Into Vinted: The World's Largest Pre-Loved Fashion Marketplace|url=https://www.forbes.com/sites/kittyknowles/2018/04/10/step-into-vinted-the-worlds-largest-pre-loved-fashion-marketplace/|access-date=31 December 2020|website=Forbes|language=en|archive-date=14 August 2020|archive-url=https://web.archive.org/web/20200814093016/https://www.forbes.com/sites/kittyknowles/2018/04/10/step-into-vinted-the-worlds-largest-pre-loved-fashion-marketplace/|url-status=live}}
In 2019, Vinted became Lithuania's first tech unicorn, raising €128 million at a €1 billion valuation in a round led by Lightspeed Venture Partners.{{Cite web|date=29 November 2019|title=Lithuania crowns its first tech unicorn! Vinted, second-hand fashion marketplace, pockets €128 million and secures €1 billion valuation|url=https://www.eu-startups.com/2019/11/lithuania-crowns-its-first-tech-unicorn-vinted-second-hand-fashion-marketplace-pockets-e128-million-and-secures-e1-billion-valuation/|access-date=11 October 2021|archive-date=20 October 2021|archive-url=https://web.archive.org/web/20211020195117/https://www.eu-startups.com/2019/11/lithuania-crowns-its-first-tech-unicorn-vinted-second-hand-fashion-marketplace-pockets-e128-million-and-secures-e1-billion-valuation/|url-status=live}} In October 2020, Vinted acquired United Wardrobe, a Dutch competitor.{{Cite web|url=https://siliconcanals.com/news/startups/lithuanian-vinted-acquires-dutch-competitor-united-wardrobe/|title=Second-hand fashion consolidation: Lithuanian unicorn Vinted acquires Dutch competitor United Wardrobe|website=Silicon Canals|access-date=9 November 2020|archive-date=1 November 2020|archive-url=https://web.archive.org/web/20201101121027/https://siliconcanals.com/news/startups/lithuanian-vinted-acquires-dutch-competitor-united-wardrobe/|url-status=live}} In 2024, Vinted acquired Trendsales, a Danish competitor.{{Cite web|url=https://company.vinted.com/newsroom/vinted-acquires-trendsales|title=Vinted acquires Danish second-hand marketplace Trendsales|date=5 March 2024|website=company.vinted.com|access-date=4 April 2024|archive-date=4 April 2024|archive-url=https://web.archive.org/web/20240404232149/https://company.vinted.com/newsroom/vinted-acquires-trendsales|url-status=live}}
As of June 2024, Vinted operates in twenty-one countries and has more than 65 million registered users.{{Cite web |title=About Vinted |url=https://www.vinted.com/about |url-status=live |archive-url=https://web.archive.org/web/20180619113139/https://www.vinted.com/about |archive-date=19 June 2018 |access-date=30 November 2022 |website=Vinted |language=en}} In November 2024, the platform was valued at 5 billion euros.{{Cite web |last=k.rothbart@boersen-zeitung.de |title=Second-hand platform Vinted increases valuation to 5 billion euros {{!}} Börsen-Zeitung |url=https://www.boersen-zeitung.de/english/vinted-increases-valuation-to-5-billion |access-date=2024-11-07 |website=www.boersen-zeitung.de |language=de}}
Controversies
Since 2021, Vinted has been under scrutiny of data protection supervisory authorities (SA) from France, Lithuania and Poland, following numerous complaints about GDPR violations and contentious user account blocking practices,{{Cite web |title=Vinted platform's practices under scrutiny of supervisory authorities {{!}} European Data Protection Board |url=https://www.edpb.europa.eu/news/national-news/2021/vinted-platforms-practices-under-scrutiny-supervisory-authorities_en |access-date=2024-11-20 |website=www.edpb.europa.eu}} which resulted in a €2,375,276 fine imposed by the Lithuanian SA in July 2024.{{Cite web |title=Lithuanian SA: fine of € 2 385 276 on Vinted, UAB (company) {{!}} European Data Protection Board |url=https://www.edpb.europa.eu/news/news/2024/lithuanian-sa-fine-eu-2-385-276-vinted-uab-company_en |access-date=2024-11-20 |website=www.edpb.europa.eu}} The dedicated Vinted working group, consisting of Dutch, French, Lithuanian and Polish SA and supported by the European Data Protection Board, became an example of close cross-border cooperation between national supervisory authorities in law enforcement.{{Cite web |title=Vinted investigation signals closer and stronger cooperation between personal data protection supervisory authorities {{!}} European Data Protection Board |url=https://www.edpb.europa.eu/news/national-news/2022/vinted-investigation-signals-closer-and-stronger-cooperation-between_en |access-date=2024-11-20 |website=www.edpb.europa.eu}}
In 2024, some new users in Sweden were subject to fraud schemes in which their bank accounts were emptied. During the first quarter of the year there were about 300 police reports concerning fraud at Vinted. Comparable platforms had fewer police reports which, furthermore, were related to a less serious type of fraud.{{cite news|title=Blev lurade på Vinted – konto länsat: ”Mardröm”|trans-title=Were fooled at Vinted – account emptied: ”Nightmare”|last1=Tuvhag|first1=Emmylou|last2=Tärnhuvud|first2=Anna|work=Svenska Dagbladet|date=2024-06-02|url=https://www.svd.se/a/Gy12r4/bedragerier-pa-vinted-anvandare-far-bankkonton-tomda}}
In October of 2024, Channel 4 produced a documentary with Ellie Flynn looking at the darker usages of Vinted. The show commented on the use of misogynistic websites, sexualising young women modelling clothes on Vinted, alongside harmful and derogatory comments. Some of these women being below legal age, and legally still children. The documentary also warns buyers (particularly, new parents) of the dangers of purchasing items without a safety label, or products which you don't know where they originated from. The one-episode documentary also warns of CBD and similar drug-related products being sold improperly. {{Cite web |title=Watch Vinted's Dirty Laundry on Channel 4 Documentaries |url=https://www.channel4.com/programmes/vinteds-dirty-laundry-dispatches}}{{Cite web |title=Channel 4 Dispatches focuses on dark side of Vinted including fake products and misogynistic websites |url=https://retailtechinnovationhub.com/home/2024/10/20/channel-4-dispatches-focuses-on-dark-side-of-vinted-including-fake-products-and-misogynistic-websites}}{{Cite web |title=What can you sell on Vinted? |url=https://www.vinted.co.uk/help/52-what-can-i-sell-on-vinted}}