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.