European fashion resale marketplace Vinted has announced its launch in Canada, where over one-third of consumers already purchase secondhand clothing, according to Vinted’s own survey.
In the company’s press release, CEO Thomas Plantenga said, “We have been strengthening our presence in Europe these past years, but our company’s mission has always been to promote and increase second-hand fashion across the globe. That includes offering this opportunity to more people also beyond Europe, as we feel we now have a solid user proposition, suitable to more markets.”
Founded in Vilnius, Lithuania in 2008, Vinted has since expanded into eleven other European countries and the United States. In May 2020, the company closed an all-equity investment round which put its valuation at $4.5 billion U.S.
When announcing the valuation, lead investor EQT Growth and Plantenga both mentioned the company’s intent to further expand geographically. “We want to replicate the success we’ve built in our existing European markets in new geographies and will continue investing to improve not only our product, but also to ensure we continue having a positive impact,” said Plantenga.
While its competitors, such as Poshmark and ThredUp, have gone public as part of their growth strategies, Vinted has been busy with acquisitions of similar fashion resale marketplaces: Spanish Chicfy in 2019, and Dutch UnitedWardrobe in 2020.