Latest news with #Lithuanian-based
Daily Mail
04-05-2025
- Business
- Daily Mail
EXCLUSIVE Vinted users reveal top tips for buying and selling as company's profits triple amid second-hand clothing boom
Many high street fashion retailers have suffered greatly in recent years as shoppers head online and turn their backs on traditional brick-and-mortar shops. But business is booming for Vinted, the popular app where users buy and sell second-hand clothes, as more shoppers opt for cheaper used items instead of new. The growing Lithuanian-based company revealed this week that it has more than tripled its net profit to £65million in a year after revenue rose by over a third. It follows a dramatic rise for a business founded in 2008 which reached profitability for the first time last year and is now valued at more than £4billion. Vinted has benefited from consumers cutting their spending on clothing and looking for new ways to make money by selling their own unwanted items. Brits using the platform regularly take to social media to share their success stories and pass on their tips to other aspiring sellers who want to make fast cash. Among them is Chloe Chandler who buys and sells on Vinted every day and gained 1.5million views for a TikTok clip captioned: 'How I made over £4k selling on Vinted.' Her tips include checking an account before buying, avoiding fancy packaging, quickly picking up packages once delivered and avoiding spraying perfume on items. @expressyourselfclothing_ how to make £10k on Vinted. #fyp #vinted #sidehustle #money #sales #vintage #fashion #tipsandtricks ♬ Write This Down (Instrumental) - SoulChef Another successful Vinted seller is Ellie Paige who has earned nearly £10,000 on the website. One of her main tips for sellers is ensuring their photos are clear and bright. If an item has been up for two weeks without selling, she also advises deleting it and reuploading it with new pictures, and says sellers should accepts all offers as long as they are reasonable. ANALYSIS: How Vinted keeps both buyers and sellers happy By SARAH COLES The pre-loved market is booming. Buyers appreciate being able to regularly refresh their wardrobe for less, and in a more sustainable way. It has the benefit of fast fashion without the guilt and waste, and with less risk of clothing falling apart in the washing machine. Meanwhile, sellers are able to clear the clutter and make some money. Vinted identified that people were put off by sellers' fees. When you sell second-hand, you already feel the pain of the difference between what you paid for an item and what you're selling it for, so selling fees add insult to injury. When you buy second-hand, you're getting a bargain, so you're less concerned by adding a little extra to pay for postage and buyers' protection. Moving the cost from the seller to the buyer encouraged more sellers, and once there was more choice on the platform, it kept buyers loyal too. SARAH COLES is head of personal finance at Hargreaves Lansdown Vinted seller Irem has earned £100,000 from shifting her old clothes on the app and has 26,000 followers on TikTok , where she offers advice to those using the website. She advises sellers to avoid allowing customers to reserve items, and counter offers by £2 or £3 so customers still feel they are getting a good deal. British celebrities also use Vinted, with model Alexa Chung teaming up with the platform to sell personal luxury fashion pieces from her wardrobe in the UK from this Sunday. Katie Price, Molly-Mae Hague and Steps singer Claire Richards are among the other stars to have sold items on the platform. And Vinted users have helped the company's revenue for 2024 hit €813.4million (£691.41million), a 36 per cent rise from €596.3million (£506.8million) in 2023. Net profit at Vinted jumped 330 per cent to €76.7million (£65.2million) in 2024, up from €17.8million (£15.1million) the previous year. Sarah Coles, head of personal finance at Hargreaves Lansdown, told MailOnline: 'The pre-loved market is booming. Buyers appreciate being able to regularly refresh their wardrobe for less, and in a more sustainable way. 'It has the benefit of fast fashion without the guilt and waste, and with less risk of clothing falling apart in the washing machine. Meanwhile, sellers are able to clear the clutter and make some money.' She also pointed out that Vinted identified that people were 'put off by sellers' fees', adding: 'When you sell second-hand, you already feel the pain of the difference between what you paid for an item and what you're selling it for, so selling fees add insult to injury. 'When you buy second-hand, you're getting a bargain, so you're less concerned by adding a little extra to pay for postage and buyers' protection. 'Moving the cost from the seller to the buyer encouraged more sellers, and once there was more choice on the platform, it kept buyers loyal too.' One of the firm's main competitors - eBay - scrapped selling fees in the UK for private sellers across all categories last October, excluding motors, as it fights back against Vinted and other similar rivals such as Depop. That move came after eBay UK also scrapped selling fees for clothing in April last year. Vinted's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) were €158.9million (£135.06million) last year, more than double the €76.6million (£65.11million) in 2023. The company now plans to expand into more countries in 2025, having launched in Croatia, Greece and Ireland last year for a total of 22 markets in Europe. Vinted started letting users buy and sell second-hand electronics on the platform last year such as headphones, laptops and fitness trackers. Bosses said they would be adding more categories in future, although the brand is still mainly known for clothing. Vinted was valued at €5billion (£4.25billion) in a secondary share sale in October last year. The company is Lithuania's first 'unicorn', a term for a privately-held company with a valuation exceeding $1billion (£750,000). Announcing the financial results on Tuesday, Vinted chief executive Thomas Plantenga said: 'This performance is the result of our hard work to deliver products that bring high value for members at the lowest possible cost. 'We do this by having a relentless focus on cost control, building complex infrastructure ourselves, and innovating to bring new services and solutions at scale. It's this mix of scale, innovation, cost control that helps us succeed. 'At Vinted, we aim to build an ecosystem of businesses that can change the way society consumes. Given the potential size of the market, we know there's a huge opportunity ahead and lots of work to be done to get there. 'We see our current position as a solid foundation to build this future on, and we'll continue to learn and improve. We are at the start of the journey and aiming high.' Vinted also said this week that it was launching an investment arm, Vinted Ventures, aimed at funding other second-hand retail startups. Vinted Ventures will offer funding of between €500,000 (£425,000) and €10million (£8.5millon) to Series A and Series C stage companies. Meanwhile the group has expanded its logistics arm, Vinted Go, which previously existed in France, Belgium, the Netherlands and Luxembourg. This year it took the service into Spain and Portugal in 2024, offering users locker-based and pick-up/drop-off shipping options. The platform also brought out a payment arm called Vinted Pay in Lithuania last year, which could expand abroad in future years. Vinted's chief financial officer Maurizio D'Arrigo said: 'These results not only reflect Vinted's wide adoption across Europe, but also our substantial contribution to the second-hand economy. 'This, along with securing our secondary share sale and €5billion valuation, demonstrates our robust financial position to be able to continue to scale and reinvest into the business, fuelling further growth.' The average number of employees across Vinted Group rose by 19 per cent last year, reaching over 2,200 employees by the end of the year - with most based at its headquarters in Vilnius.
Daily Mail
30-04-2025
- Business
- Daily Mail
How to make thousands selling your old clothes on Vinted: Secrets of the sellers who have turned huge profits - and the mistakes to avoid
High street fashion retailers have suffered greatly in recent years as shoppers head online and turn their backs on traditional brick-and-mortar shops, but business is booming for Vinted, the popular app where users buy and sell second-hand clothes. The growing Lithuanian-based company revealed today that it has more than tripled its net profit to £65million in a year after revenue rose by over a third, thanks to savvy shoppers opting for cheaper used items instead of buying new. It follows a dramatic rise for a business founded in 2008 which reached profitability for the first time last year and is now valued at more than £4billion. Brits using the platform regularly take to social media to share their success stories and pass on their tips to other aspiring sellers who want to make fast cash, but it's not as easy as it first sounds. With an estimated 16 million accounts based in the UK, standing out from the crowd is no easy task. And with many items listed for just a few pounds, it can be hard to imagine turning a huge profit from old clothes lingering in your wardrobe. However, with the right tactics you can make money, particularly because you get to keep 100 per cent of the asking price, while the buyer is the one who pays a percentage final price to cover the cost of the service. Sarah Coles, head of personal finance at Hargreaves Lansdown, told MailOnline: 'When you sell second-hand, you already feel the pain of the difference between what you paid for an item and what you're selling it for, so selling fees add insult to injury. 'When you buy second-hand, you're getting a bargain, so you're less concerned by adding a little extra to pay for postage and buyers' protection. Moving the cost from the seller to the buyer encouraged more sellers, and once there was more choice on the platform, it kept buyers loyal too.' One of the firm's main competitors - eBay - scrapped selling fees in the UK for private sellers across all categories last October, excluding motors, as it fights back against Vinted and other similar rivals such as Depop. It's proved a winning strategy for Vinted. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) were €158.9million (£135.06million) last year, more than double the €76.6million (£65.11million) in 2023. The company now plans to expand into more countries in 2025, having launched in Croatia, Greece and Ireland last year for a total of 22 markets in Europe. So how can you cash in on the popularity of the app and make a fortune on your second hand clothing, or claw back some of the cost of that brand new item you never got around to returning? Here is how the most successful sellers on Vinted make their money - and the mistakes to avoid. Listing on Vinted is very easy. You download the app, click 'sell', take a few pictures of the item and add some information such as the dress size and brand of the piece. If you'd rather, you can opt for the website version. Once someone buys the item, follow the link on the order page and print a postage label. Luckily on Vinted buyers pay for postage, but you'll need to drop the package off at the relevant parcel shop within five days or the buyer will be refunded. The tracking shows the item has been delivered and you get Vinted credit which can be withdrawn into a bank account or spent on the app. Don't undervalue your items - and be patient Vinted Seller Hannah Bevington has made £6,000 selling clothes on Vinted. She told TikTok that, despite the app's reputation for cheap sells, you must know the value of your item and price it accordingly. 'Stop selling things for £10 on Vinted,' Hannah said. 'Even my friends do this. They'll have an item which is worth something like £40 and they list it for a tenner. 'What will happen is someone will offer them £8 because the person who's buying the item thinks 'oh, they're just selling it for a tenner and clearly desperate for money'.' Vinted has a feature that allows buyers to make an offer of up to 40 per cent less than the original asking price. This means that pricing items according to their value, and even leaving some wiggle room to accept lower offers, will pay off. 'You should only be accepting offers that are ten to 15 per cent of what you put it on for,' Hannah said, urging buyers to be patient. 'If they don't buy it, that's okay. Sometimes it can take months for certain items to go but people will pay it - trust me.' Although the difference in price could seem marginal, it could amount to an extra few hundred pounds by the end of the year. Save money on packaging Even though buyers pay for postage on Vinted, it's crucial to save money where possible at each stage of the shipping process in order to maximise profit. When packaging an item, don't opt for the post office bags that sell at two or three pounds a pop. 'It's so expensive,' says Hannah. 'I hope people aren't doing that.' Instead, find jiffy bags or plastic shipping bags online and bulk order them once a year to keep costs down. Often sellers will repurpose old packaging so they don't have to spend a penny. Give detailed descriptions 'Kel Sells' has more than 440,000 likes on TikTok and has devoted her social media presence to offering upcycling hacks. She made £10,000 profit from just two years of Vinted selling. Kel urged her followers to include as much information as possible in the item description, so that it crops up when people search. 'The be all and end all is: people call things different things,' she said. 'Something you describe as mustard, someone else might describe as ochre. 'And what you call leopard print, someone might call animal or cheetah print' Sellers have to keep an open mind to all the potential variations of descriptive terms, Kel said. She suggested brainstorming the general 'vibe' that an item of clothing gives off and jotting that down somewhere in the description, as another person will likely think the same. So, give as much detail as possible. Instead of 'skirt', write 'Levi's high rise A-line decon skirt, UK size 10'. And be honest about imperfections and signs of wear and tear - buyers appreciate candidness. List new items regularly to stand out Becky Chorlton has generated a staggering £100,000 profit from selling on Depop and Vinted. What started as a way of earning some extra cash while studying for her masters in 2019 quickly became more financially viable than her part time job. Although Becky buys and upsells clothes for commercial purposes - as opposed to the average user looking to sell on their old fare - her tips apply nonetheless. One thing she stresses is listing items regularly and consistently. This is a suggestion made by all successful Vinted sellers, as the algorithm favours active users. The more recently you upload, the more likely the app is to recommend your products to potential buyers. 'If you've got 100 items to list on Vinted then try and stagger it throughout the week and list ten items a day,' Becky said. You can haggle with buyers too A lesser-known trick is to use the 'make an offer' feature to your advantage. If a buyer makes a low offer, Becky said, then engage with them, even if you're not willing to accept it. Let them know you appreciate their interest and give them the lowest figure you're willing to accept on the item. 'You never know, they might be willing to accept it and you could come to some sort of deal.' Relist items that aren't selling Another successful Vinted seller is Ellie Paige who has earned nearly £10,000 on the website. One of her main tips for sellers is ensuring their photos are clear and bright. If an item has been up for two weeks without selling, she also advises deleting it and reuploading it with new pictures. Photos are key Becky also recommended taking clear, high-quality photos of the items in natural lighting. As the first and lasting impression of your item, the photos are vital to the success of the sale. Angles, lighting and clarity of the image will draw buyers to your piece. Becky advises taking an image of the piece by itself and even modelling it to give potential buyers a sense of the overall fit. Chloe Chandler, who has made more than £4,000 on the app, recommends consistency when it comes to taking photos. There should be enough photos, high-quality photos and they should have an 'aesthetically pleasing background'. But simplicity is key - even a white door could serve as a suitable background, says Chloe. 'There should be no pictures of items on the floor. 'I just put my items on a hanger and put them on the back of the door and make sure all the photos look similar so it's nice to scroll through my page.' And include close-ups of the brand and size labels and soles of shoes. Hold on to postage receipts There are always a few bad players who falsely claim they haven't received their parcel. To combat this, it's always useful to keep a paper trail of your postage process to present evidence should you have to. Take an image of the receipt for safekeeping and send a copy to the buyer to cut down on chancers. And if the parcel does get lost, having proof of postage will cover you and Vinted should issue a full refund. Turn on bundle discounts Vinted encourages sellers to make their own bundle deals and save on postage prices. So, it's a good idea to list similar items at the same time and offer, say, ten per cent off when more than one item is bought together. For example, upload all of your sportswear or work attire at the same time and let someone snap it up. Bundle discounts also incentivise people to buy more than one item from your page. While they're buying, they may as well save. Check nearby parcel shops As buyers pay for shipping on Vinted, they can also pick the postal company. As a seller, your job is to print the label and drop off the parcel for postage. But buyers have a choice of Royal Mail, DPD, InPost, Yodel or Evri, so check you have drop-off points nearby. If you don't, go to 'Profile', 'Settings' and 'Postage' to edit the options available to your customers. The no printer hack Not everyone can print off their own postage labels, but that shouldn't stop you from selling on Vinted. In most cases, parcel shops will print labels for you for free when you go to drop off your package. Among them are InPost lockers, Yodel and Evri - all major and often-used delivery companies. Otherwise, your local library should let you print off a page for a few pence. Although there is an abundance of selling advice online, the fundamentals are the same. Great photos, thorough descriptions and regular uploads are a good place to start as a beginner on Vinted. And utilising social media platforms to promote your items can significantly increase exposure.
Yahoo
22-03-2025
- Sport
- Yahoo
Hearts 'gave Gordon blank cheque to reject Celtic'
Romanov: Czar of Hearts - listen to the bonus edition, From Russia With Love Former Heart of Midlothian owner Vladimir Romanov has claimed he handed Craig Gordon a blank cheque to reject a move to Celtic before the "psychologically weak" Scotland goalkeeper's eventual record-breaking £9m transfer to Sunderland. The revelation comes in the Russian businessman's first UK interview in more than a decade as part of BBC Scotland's Romanov: Czar of Hearts podcast series. In the special bonus edition, From Russia With Love, Romanov revisits his claim that he was once offered the chance to buy Liverpool, repeats his belief that all Scottish referees support either Celtic or Rangers, and says George Burley walked away from the club rather than be sacked as manager. He recalled the "revolution" inside the Hearts dressing-room in October 2006 when captain Steven Pressley, Paul Hartley and Gordon went public with the squad's unhappiness at the Lithuanian-based owner's methods. Romanov interview will make Hearts fans 'laugh & cry' Remarkable tale of Czar of Hearts Vladimir Romanov Romanov claims the trio had previously been offered deals by Celtic and wanted to move to the Glasgow club along with manager Burley and two other players - Rudi Skacel and Roman Bednar. Pressley and Hartley did eventually join Celtic, but Romanov claims he told Gordon: "Your contract is running out and I know Celtic has made you an offer, but you'll end up being their second-choice goalkeeper, not the first. "If you stay and sign with us, I promise you'll play in the English league. He laughed, not taking me seriously. So, I said, 'If you don't believe me, here's a blank contract. Write down the amount you want.' "Gordon wrote down a very large sum - something unheard of at Hearts and all of Scottish football. I looked at it, signed it, and handed it back. That's how we managed to keep him." Romanov claims he had a buyer lined up for Gordon at the end of the season with "a rough valuation" in mind for the then 24-year-old. "Gordon had incredible abilities, but he required a very careful approach," he said. "Psychologically, he was weak - if things didn't go well, he'd get physically sick, sometimes even vomit. "He needed delicate handling. Despite all that, he was an exceptionally talented player. Ultimately, I sold him for £9m - at the time, it was the highest fee ever paid for a goalkeeper in Britain." Hearts say Gordon, who returned to the club in 2020 after eventually joining Celtic, did not wish to comment on Romanov's claims. Burley and Hearts "mutually agreed" to part ways in October 2005 despite the side sitting unbeaten at the top of the Scottish league table, but Romanov claims that "even a housewife" could have achieved those results "under my leadership". He claimed that Burley "had a heavy drinking problem" and "ran away" when told he could stay in charge if he tackled that problem. Burley's assistant at the time, Simon Hunt, disputed Romanov's claims about the manager's drinking. Visit our Hearts page for all the latest news, analysis and fan views Get Hearts news notifications in the BBC Sport app
BBC News
22-03-2025
- Sport
- BBC News
Hearts 'gave Gordon blank cheque to reject Celtic'
Former Heart of Midlothian owner Vladimir Romanov has claimed he handed Craig Gordon a blank cheque to reject a move to Celtic before the "psychologically weak" Scotland goalkeeper's eventual record-breaking £9m transfer to revelation comes in the Russian businessman's first UK interview in more than a decade as part of BBC Scotland's "Romanov: Czar of Hearts" podcast the special bonus edition, "From Russia With Love", Romanov revisits his claim that he was once offered the chance to buy Liverpool, repeats his belief that all Scottish referees support either Celtic or Rangers, and says George Burley walked away from the club rather than be sacked as recalled the "revolution" inside the Hearts dressing-room in October 2006 when captain Steven Pressley, Paul Hartley and Gordon went public with the squad's unhappiness at the Lithuanian-based owner's methods. Romanov claims the trio had previously been offered deals by Celtic and wanted to move to the Glasgow club along with manager Burley and two other players - Rudi Skacel and Roman and Hartley did eventually join Celtic, but Romanov claims he told Gordon: "Your contract is running out and I know Celtic has made you an offer, but you'll end up being their second-choice goalkeeper, not the first. "If you stay and sign with us, I promise you'll play in the English league. He laughed, not taking me seriously. So, I said, 'If you don't believe me, here's a blank contract. Write down the amount you want.'"Gordon wrote down a very large sum - something unheard of at Hearts and all of Scottish football. I looked at it, signed it, and handed it back. That's how we managed to keep him."Romanov claims he had a buyer lined up for Gordon at the end of the season with "a rough valuation" in mind for the then 24-year-old."Gordon had incredible abilities, but he required a very careful approach," he said. "Psychologically, he was weak - if things didn't go well, he'd get physically sick, sometimes even vomit. "He needed delicate handling. Despite all that, he was an exceptionally talented player. Ultimately, I sold him for £9m - at the time, it was the highest fee ever paid for a goalkeeper in Britain."Hearts say Gordon, who returned to Hearts in 2020 after eventually joining Celtic, did not wish to comment on Romanov's and Hearts "mutually agreed" to part ways in October 2005 despite the side sitting unbeaten at the top of the Scottish league table, but Romanov claims that "even a housewife" could have achieved those results "under my leadership".He claimed that Burley "had a heavy drinking problem" and "ran away" when told he could stay in charge if he tackled that assistant at the time, Simon Hunt, disputed Romanov's claims about the manager's drinking.
