Fashion marketplace Vinted posted a 51% increase in revenue to €371 million ($405 million U.S) in 2022, while pre-tax losses decreased by 62.3% to €42.9 million, the company told media.

The figures “reflect the consolidated results of Vinted, UAB Group,” it specified. “The consolidated results of Vinted Limited and its direct and indirect subsidiaries (Vinted Limited Group, which includes Vinted, UAB Group), will be submitted to the relevant U.K. authority at a later date and will differ from Vinted, UAB Group’s results.”

Vinted, UAB Group includes Vinted marketplace and dedicated shipping brand Vinted Go, as well as the Rebelle marketplace business it acquired last year.

The fashion marketplace says it is planning to enter Denmark and Finland this year, following expansion into Romania last month.

“Despite the challenging global economic situation, our financially sustainable business model, active development and optimization of our operations allowed us to continue to increase our revenues and significantly reduce our losses,” said Marija Buivydaitė, the company’s senior financial director.

“We are continuing our strategy of investing in growth. At the same time, in 2023, we have been focusing on delivering a positive financial performance.”

Over the course of 2022, Vinted increased its headcount from 935 to 1,266. This year, it also announced the opening of a new office in Kaunas.

“In these uncertain times, we have enough funds to invest in growth, and can continue to pursue our mission to make second-hand the first choice globally” added Buivydaitė.

Vinted says it has more than 80 million registered users in Europe and North America.

With offices in Vilnius, Berlin, Prague, Amsterdam, and Utrecht, it operates in 19 markets: Spain, France, Luxembourg, Belgium, the Netherlands, Germany, Austria, the Czech Republic, Poland, Lithuania, the U.K., Italy, Portugal, Slovakia, Hungary, Romania, Sweden, Canada and the U.S.

The marketplace was founded in 2008 by Milda Mitkute ​​and Justas Janauskas.

In May 2021, the company closed an all-equity investment round at a valuation of $4.5 billion U.S. Investors in the company include EQT, Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners and Sprints Capital.

This article was updated to include a statement from Vinted.

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