While it’s no news that our clothes stem from plants and animals, the other part of the news you probably don’t know is that 84% of used clothes in America were dumped into an incinerator or landfill in 2012 (according to the Environmental Protection Agency, EPA).
While people clamor for recycled clothes, Vinted, Europe’s leading online market for used-fashion, raised €128 million. Overall, its service reduces the percentage of clothes wasted every year to sustain the second-hand fashion industry. Lightspeed Venture Partners, a new investor, participated heavily in the financing round. Other investors included Insight Venture Partners, Sprints Capital, Accel and Burda Principal Investments.
Co-founders Milda Mitkute and Justas Janauskas established Vinted on the 26th of November 2012. However, the company’s story began when the two Lithuanian women conceived the idea of a women-only site to resell clothes. They decided to expand their services to Germany and run their site under the brand, Kleiderkreisel.
2010 saw the birth of Vinted. The company launched in the States with the help of Accel Partners, Burda Principal Investments, and Insight Venture Partners. As of 2019, Vinted reportedly has 300 employees (plus the CEO Thomas Plantenga), who offer 180 million second-hand fashion items. It operates in countries like the United States, France, Germany, Lithuania, Spain, Netherlands, United Kingdom, Poland, and Czechia.
A Word from the Key Players
According to the CEO of Vinted, Thomas Plantenga, Vinted is getting closer to ‘an inflection point in the market for second-hand fashion‘ meaning that the acceptance rate among the public is something to watch out for.
Similarly, Brad Twohig, Partner at Lightspeed Venture Partners, said, ‘Vinted is defining its market and has built a global brand in C2C commerce and communities. We’re proud to partner with Vinted and leverage our global platform and resources to help them continue to build on their success and achieve their goals’
What’s Next for Vinted?
Vinted predicts customers will sell, swap, and buy around €1.3 billion of gross merchandise volume on the platform in 2019. Further, Vinted plans to increase its dominance in Europe. To do this, the e-commerce company must gain the trust of the public. Additionally, it must establish itself as a cheaper alternative to fast fashion and a saving grace for mother earth.