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Second-hand fashion e-tailer Vinted raises € 250 million from investors

Vint We are about to embark on a major growth initiative.Business claiming to be the largest online C2C marketplace in second hand Fashion across Europe has secured € 250 million in funding from EQT Growth.

Vint

Financing puts a valuation on the € 3.5 billion business, it said.

Vinted also exists in more than 10 markets around the world and uses its capital to “utilize EQT’s powerful digital and sector expertise, global platform, and extensive advisory network throughout the core market. We will strengthen our existing leadership position. “

You can also leverage EQT’s in-house digital and technical expertise and network of advisors to “continue to deliver best-in-class customer-centric experiences.”

Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted’s success has been “a favorable mundane megatrend, with increasing attention to sustainability efforts and increased demand for cyclical fashion. It has more than 45 million members worldwide.

Since Thomas Plantenga became CEO in 2016, Vinted has transformed its business model by “developing a proven market development playbook, as evidenced by the company’s strong growth and traction in recent years.” It also states.

Following the investment, EQT Growth partner Carolina Brochado will also join Vinted’s board of directors.

Brochado said: “Vinted is transforming the second-hand fashion market across Europe through a customer-centric approach and extraordinary execution. Vinted is a perfect example of EQT Growth’s strategy to support fast-growing European high-tech champions. There is a growing consumer demand for sustainability and the continued penetration of online channels in fashion.

Plantenga added: “We will contribute to the major changes in the second-hand fashion market and enable more sustainable and socially responsible shopping habits.

“Our platform provides excellent and easy-to-use products and helps people experience the benefits of second-hand trading. We want to recreate the success we have built up in the existing European market in new regions. We are thinking and will continue to invest not only to improve our products, but also to continue to have a positive impact. ”

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Second-hand fashion e-tailer Vinted raises € 250 million from investors

Source link Second-hand fashion e-tailer Vinted raises € 250 million from investors

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