×
186
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Galway - 18.5 Hours - Part-Time - Permanent
Permanent · Galway
SHISEIDO
Laura Mercier Account Manager - Brown Thomas Limerick (37.5 Hours)
Permanent · Limerick
ESTÉE LAUDER
la Mer - Business Manager - Brown Thomas, Dublin - 37.5 Hours / 5 Days - Full-Time, Permanent
Permanent · Dublin
ESTÉE LAUDER
Clinique - Consultant - bt2, Dundrum - 22.5 Hours / 4 Days - Part-Time, Permanent
Permanent · Dublin
ESTÉE LAUDER
Clinique - Consultant - bt2, Dundrum - 15 Hours / 3 Days - Part-Time, Permanent
Permanent · Dublin
SHISEIDO
Nars Account Manager- Brown Thomas, Cork (37.5 Hours)
Permanent · Cork City
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Galway - 18.5 Hours - Full-Time - Permanent
Permanent · Galway
SHISEIDO
Nars Account Manager - bt2 Dundrum
Permanent · Dublin 16
SHISEIDO
Bareminerals Account Manager - Boots, Belfast
Permanent · New York
SHISEIDO
Bareminerals Dual Site Account Manager - Arnotts, Dublin
Permanent · Dublin 13
CLAUDIE PIERLOT IRLANDE
Assistant Store Manager - 37.5h - Permanent - Dublin m/f
Permanent · DUBLIN
CLAUDIE PIERLOT IRLANDE
Sales Assistant - 30h - Permanent - Dundrum m/f
Permanent · DUBLIN
RITUALS
Assistant Store Manager - Galway (40 Hours)
Permanent · Galway
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Galway - 22.5 Hours - Part Time, Temporary
Fixed-term · Galway
ESTÉE LAUDER
Clinique - Consultant - Brown Thomas, Limerick - 30 Hours - Full Time, Temporary
Fixed-term · Limerick
RITUALS
Rituals - Counter Manager - Brown Thomas Limerick - Full Time
Permanent · Dublin 1
ESTÉE LAUDER
Estée Lauder - Beauty Advisor - Brown Thomas , Dundrum - 37.5 / 5 Days - Full-Time, Permanent (Fully Flexible)
Permanent · Dublin
TK MAXX
20011-Team Leader
Permanent · Dublin
TK MAXX
10020-Christmas Temp
Fixed-term · Dublin
ESTÉE LAUDER
Estee Lauder Companies - Advisor - Aerrianta, Cork - 36 Hours - Full Time, Permanent
Permanent · Cork
BASSET SOLUCIONES S.A. DE C.V.
Auxiliar de Recursos Humanos Sin Experiencia Medio Tiempo
Permanent · MEXICO CITY
BASSET SOLUCIONES S.A. DE C.V.
Auxiliar de Reclutamiento Medio Tiempo Home Office
Permanent · MEXICO CITY
Translated by
Nicola Mira
Published
Oct 11, 2019
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Second-hand fashion site Vinted "fritters money away" despite €1.3 billion business

Translated by
Nicola Mira
Published
Oct 11, 2019

As Vinted struggled to find a viable business model, it risked closing down in 2016. Three years later, the second-hand fashion website has reinvented itself and has become a key player in Europe in the pre-owned apparel and accessories market. Yet, despite a volume of €1.3 billion, Vinted’s business remains unprofitable, and the site is now relying on European expansion and the renewed interest in second-hand clothing to find a cure.


Thomas Plantenga - MG/FNW


“Vinted is frittering money away,” CEO Thomas Plantenga tells FashionNetwork.com with a smile. “Each month, we invest €1 million in customer service. But we are certain that, if we increase in size, we will be able to pay our bills."

‘Size’ refers to the number of items available through the site, which currently stands at 120,000. Vinted was founded in Vilnius, Lithuania, by Milda Mitkute and Justas Janauskas in 2008. Its basic premise is that expanding the range of products on offer and providing trustworthy service are the keys to success.

The site currently has 23 million members in 11 countries, and the average price per item sold is €15. Private vendors sell on average two items per week. Customer loyalty is paramount, with 80% of members returning to the site in the month following their last visit, and 60% doing so for the two following years.

“France saved us,” says Plantenga, who took charge of Vinted in 2016, when sales flattened out and costs were rising. “We had a 10-month cash flow. The model wasn’t working and we weren’t distinctive on the market."

Plantenga at the time decided to economise, notably closing down Vinted’s seven offices abroad. The site then began to think about its strategy, coming up with a simple mission: “to make clients happy.”

“Not a fashion company”

A decision was then taken to “maximise user value,” increasing the commission to 5% as a way to accelerate the product range’s expansion, together with the start of a targeted communication strategy. Without neglecting the site’s core aspect, customer service. After redeploying in Germany under the name Kleiderkreisel, Vinted experienced a boom in demand in France, marking the success of its strategy.


Vinted currently has a range of 120,000 items - Vinted


“We aren't a fashion company. We have a staff of just over 300 people, half of them engineers, half working on customer service. We aren't here to say what’s fashionable, our users do so. Our job is simply to make everything easy, quick and secure,” says Plantenga. An approach that led Vinted to collaborate with French payment solution provider Mangopay, to feature services encouraging users to repeat purchases and sales.

Collaborations and internationalisation

Several operators have contacted Vinted with a view to establishing a partnership. Plantenga isn’t against the idea, but said he just doesn’t have the time. As for expanding the range, this is happening spontaneously.

“We are seeing that the products put up for sale are increasingly upmarket,” reveals Plantenga, underlining how this shift is proof of the confidence Vinted inspires in users.


Vinted picked purchasing power and the circular economy as the themes of its advertising - Vinted


Vinted currently operates offices in Berlin, Warsaw and Prague, and wants to compete across the whole of Europe. Ahead of expansion in Asia or the Americas?

“I don’t want to lower our service quality by moving too quickly beyond Europe, already a challenge in itself,” says Plantenga, who is currently focusing on Spain, Belgium and the Netherlands. “Eventually, we have nothing against that, but one thing at a time."
 

Copyright © 2021 FashionNetwork.com All rights reserved.