- Secondhand ecommerce platform Vinted completely confirmed its acquisition of smaller Dutch challenger United Wardrobe for an undisclosed quantity.
- Vinted is valued at greater than $1 billion, and the information comes because the resale market explodes.
- In an unique interview with Enterprise Insider, each events revealed how the seeds of a deal have been planted nearly two years in the past following an opportunity assembly in a Dutch bar.
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Vinted, the web market for secondhand clothes in Europe, has confirmed the acquisition of a rival startup for an undisclosed quantity.
Based in 2008, Lithuania’s Vinted lets customers purchase, promote, and swap undesirable objects of clothes and niknaks. The non-public firm is backed by the likes of Accel and Perception Enterprise Companions,
The agency surpassed a $1 billion valuation following a significant funding spherical in the direction of the top of 2019, and completely confirmed it had tightened its grip on the European market by shopping for out Dutch challenger United Wardrobe.
In an interview with Enterprise Insider, Vinted CEO Thomas Plantenga mentioned he had been “very impressed” with United Wardrobe’s pace and focus: “It began to bug me, you already know, and I simply thought, ‘Why are we competing?'”
Seeds of a deal have been planted nearly two years in the past, when one among United Wardrobe’s cofounders met Plantenga in a bar within the Dutch metropolis of Utrecht. “He was on the town visiting household and … it was an thrilling factor to do, to talk with the Vinted CEO,” mentioned CEO Sjuul Berden.
“We had been difficult them within the French market however, because it turned out, Thomas was only a actually cool and humble man, and somebody we thought in a short time we might work with.”
As of at present, the United Wardrobe platform will merge completely with Vinted’s, bringing a further four million new customers to the latter’s 30 million-strong buyer base, and taking their worker headcount to round 535. Vinted operates in 11 throughout Europe, and within the US.
“It makes quite a lot of sense to consolidate our customers, we really feel, and we’re extremely excited for the long run,” mentioned Platenga.
Each events declined to remark when requested how a lot Vinted had paid to amass United Wardrobe.
The information comes because the clothes resale market heats up each within the US and Europe. Vinted says it noticed an uptick in enterprise, as lockdowns prevented folks from visiting bodily shops, and triggered wardrobe clearouts. German on-line retailer Zalando added a pre-owned part to its platform in September, whereas American thrift retailer startup ThredUp submitted the paperwork for an IPO earlier in October. In line with GlobalData and ThredUp, the worldwide resale market is ready to hit $64 billion by 2024.