Vinted posts big top-line gains — but profits wobble as it spends to grow across Europe

Vinted, the secondhand-fashion marketplace, reported a brisk jump in 2025 revenue and gross merchandise value as it pushes deeper into Europe. Revenue rose 38% year‑over‑year to €1.1 billion, while GMV climbed 47% to €10.8 billion. But the headline tells only half the story: net profit fell 19% to €62 million. Good for wardrobes, trickier for the accountants.

Financials: growth at scale, margin pressure

The numbers show a platform scaling fast. GMV of €10.8 billion signals strong user activity and successful monetization moves; nearly half again as much volume as a year ago. Yet revenue growth outpaced by profitability decline hints at rising operating costs — marketing, logistics, localization — that come with sprinting into new markets. Net margin now sits in the mid‑single digits, a reminder that growth and profitability don’t always travel hand in hand.

Strategy and outlook: doubling down on Europe

It has been reported that Vinted is expanding its footprint across more European markets and beefing up local operations to capture customers where resale momentum is strongest. That expansion is the emotional pivot here: the company is betting big that scale and market share will pay off later. Will investors and sellers tolerate a leaner profit today for a bigger ecosystem tomorrow? Time will tell.

Vinted’s trajectory mirrors a larger trend in retail — sustainability meets savings, and consumers keep shopping secondhand. The company’s numbers confirm demand; the question now is execution. Can Vinted turn today’s investment bill into tomorrow’s richer margins?

Sources: wsj.com