Lithuanian second-hand trading platform Vinted values old stock transfer at €8 billion
The Lithuanian second-hand trading platform Vinted completed an €880 million old stock transfer in April 2026, with a valuation of €8 billion. The company did not issue new shares or raise primary capital. The transaction was led by existing shareholder EQT, with Ontario Teachers' Pension Plan's Teachers’ Venture Growth and Schroders Capital participating, along with BlackRock, Longo, and Pinegrove, while Baillie Gifford increased its stake. The valuation for a round of old stock transfer in 2024 was €5 billion, led by TPG.
Founded in 2008 in Vilnius, Vinted initially facilitated clothing swaps among locals. After introducing a 20% seller commission in 2016, traffic nearly halved, with cash reserves sufficient for only 9 to 12 months, burning about $1 million monthly. Dutchman Thomas Plantenga entered as a consultant for five weeks, laying off over a third of staff, retaining only the headquarters, eliminating seller commissions, shifting to buyer protection fees, and consolidating multiple applications into one system. He became CEO 18 months later.
In 2025, the platform's gross merchandise volume grew by 47% year-on-year to €10.8 billion, with revenue of €1.1 billion and a net profit of €62 million, covering 26 markets. The standard transaction for sellers remains 0% commission, with buyers paying a protection fee at checkout. The company has maintained positive cash flow for several consecutive years. Categories have expanded from clothing to books, toys, games, and electronics, with self-built logistics and payment systems.
In 2022, Vinted acquired the German high-end second-hand luxury platform Rebelle, integrating luxury goods supply into the same buyer-seller structure. In app store rankings, it ranks behind an AI application, with its product being the European version of personal idle trading.
The old stock was oversubscribed. Sellers were employees and early institutions, while buyers included pension funds and asset management companies. The event was driven by profitable transactions following scale growth, with funds not entering the company's accounts but rather facilitating exits for old shareholders. Beneficiaries include EQT, which still holds equity, and pension funds looking to increase their stakes, while platforms like Poshmark and eBay, which still take commissions from sellers, are under pressure.
Source: Public information
ABAB AI Insight
Vinted started in 2008 based on clothing exchange needs in Vilnius. In 2016, it adopted a seller commission model similar to Poshmark and eBay, but the 20% commission drove away the best suppliers. Plantenga eliminated this tax, shifting costs to buyer protection fees, and refilled inventory through TV advertising. His judgment was that sellers are the platform's most valuable asset.
The valuation of old stock was €5 billion in 2024, rising to €8 billion in April 2026, with a transfer scale of €880 million, and the company did not take any money. In 2025, the transaction volume was €10.8 billion, revenue was €1.1 billion, and net profit was €62 million, indicating that the valuation purchased a profitable commission structure rather than covering losses. Rebelle brought in German luxury goods supply while retaining logistics and payment in-house, with costs still primarily borne by buyers.
A comparison can be made to StockX, which places sneaker authentication fees on the buyer side, and Xianyu, which uses zero commissions to attract supply and monetizes through advertising and protection fees. The difference is that Vinted has already achieved positive net profits in 26 markets. It is positioned in the stage of expanding from the clothing idle market to fulfilling all categories, rather than refinancing for survival.
This represents a shift in pricing power. Second-hand platforms originally took commissions from sellers; when supply leaves, transactions cease. The buyer protection fee adds to the price at checkout, while sellers still see the full amount credited. Pension funds are receiving this fee base, not newly issued shares.
ABAB News · Cognitive Law
Taking commissions from sellers drives away supply.
The valuation of old stock transfers is paid for by buyers.
Protection fees placed at checkout encourage sellers to keep their goods.