European fashion marketplace Vinted posted revenue of €245 million ($263 million U.S.) in 2021, up by 63% versus 2020, the company has announced.

Its net loss last year stood at €105 million, compared to a loss of €21 million in 2020, against the backdrop of a 172% jump in marketing outlay, to €192 million.

The company attributed the loss to its development strategy. 2021 saw it enter two new markets — Portugal and Canada — hike investment in markets such as Italy, the United Kingdom, Spain and Poland, and improve its platform, including in terms of community support, security and privacy.

“In 2021, we recorded a loss in our financial statements as we and our investors continue to pursue growth strategies and reinvest profits,” said senior CFO Marija Buivydaitė, adding that the loss was lower than forecast during the company’s last investment round, a Series F funding that raised €250 million and gave the platform a €3.5 billion valuation.

“We have created a sustainable business model and today we are in an active development phase, as our mission is to make second-hand goods the first choice of the consumer — globally. We do not think that the role of second-hand goods and the circular economy should be limited to Europe or just a few markets,” said Buivydaitė.

Vinted’s focus in 2022 will be on further geographical development, attracting new users, and further enhancing the platform’s capabilities, in line with the company’s expansion plan to continue to develop irrespective of financial market turbulence and independent of further investment rounds, added the senior CFO.

Founded in Vilnius, Lithuania in 2008, Vinted has since expanded into Spain, France, Luxembourg, Belgium, Netherlands, Germany, Austria, Czech Republic, Poland, the U.K., Italy, Portugal, the U.S., and Canada.

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.

Its GMV was reported to be close to €2.8 billion in December 2021.

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