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Thomas Plantenga bet the future of Vinted on a television advertisement. The secondhand clothing resale app was burning $1 million per month and had less than a year of cash left when Plantenga made an $800,000 gamble on French television. It was May 2016, and Plantenga had recently been hired to save the eight-year-old Lithuanian startup. After its founding at a college party in 2008, Vinted had grown rapidly as people from 10 countries used its platform to buy and sell secondhand clothes. <br/><br/>But it was free for users, barely covering its server costs with advertising, and an attempt in 2014 to bolt on a Poshmark-style 20% sales commission resulted in a user revolt. Traffic almost halved overnight. The Netherlands-born Plantenga, who had never been to Lithuania, signed up for a five-week gig as a consultant in May 2016. He ended up becoming Vinted’s CEO 18 months later.<br/><br/>Seven years later, Vinted is one of Europe’s largest consumer marketplaces, with over $600 million of revenue in 2023. It now counts 100 million users globally. Last year, it posted its first annual profit—at least $20 million—distinguishing it from its loss-making American cousins including The RealReal (valued at $360 million), ThredUp ($200 million) and Poshmark (sold for $1.2 billion). Vinted became the Baltic nation’s first unicorn in 2019 when it raised $140 million at a $1.1 billion valuation, and sales have since grown sixfold. <br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/iainmartin/2024/04/15/how-lithuanian-startup-vinted-spun-secondhand-clothes-sales-into-gold/?sh=5a47e3eaa3f0<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

How Lithuanian Startup Vinted Spun Secondhand Clothes Sales Into Gold | Forbes

⏲ 5:56 👁 1M

On Demand News

Pedestrian bridge collapses on motorway

⏲ 1 minute 39 seconds 👁 1.6K

Daily Mail

Thousands of lorrys stuck on M20 after French Channel strike - Daily Mail

⏲ 2 minutes 41 seconds 👁 12

The solidarity that the country has displayed in the last few days has taken social media by storm

Watch: Dubai resident serves as traffic cop on flooded road after heavy rains

⏲ 0:46 👁 114.7M

Guardian News

Thousands of lorries queue outside Dover after P&O Ferries disruption

⏲ 1 minute 6 seconds 👁 34.9K

Daily Mail

Shocking video shows HGV driver undertake and use phone

⏲ 1 minute 12 seconds 👁 150.5K

Residents were evacuated as heavy rainfall flooded southern Chinese cities.Source: CCTV / AP

Residents evacuated as heavy rainfall floods southern Chinese cities

⏲ 1:14 👁 9.2M

Aerial footage shows huge 4.5 mile tailback after M20 bridge collapse

⏲ 48 seconds 👁 4.7K

Our Stories

Heavy Rain Causes Mayhem On The M25 | Britain's Busiest Motorway E5 | Our Stories

⏲ 20 minutes 18 seconds 👁 271.7K

Elephant breaks free from Circus, causing chaos in Montana town shia.labeau/TikTok

Watch: Elephant runs through traffic in Montana town after circus escape

⏲ 0:29 👁 3.8M

A Current Affair

Woman horrified after checking dashcam following trip to mechanic | A Current Affair

⏲ 5 minutes 30 seconds 👁 2.1M

Belfast Grand Central Station, Northern Ireland's flagship infrastructure project, continues to progress at pace and is set to open to the public this autumn. <br/>The internal fit out is well underway, alongside work to the bus stands, rail platforms, track and signalling infrastructure.

Belfast Grand Central Station on track for Autumn 2024

⏲ 2:29 👁 2.8M

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