_how-lithuanian-startup-vinted-spun-secondhand-clothes-sales-into-gold-124-forbes.jpg "How Lithuanian Startup Vinted Spun Secondhand Clothes Sales Into Gold | Forbes from st results Video Screenshot Preview")
GalleryPlay Video:
(Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
⏲ Duration: 5:56
👁 View: 1.4M times
✓ Published: 23-Apr-2024
👁 View: 1.4M times
✓ Published: 23-Apr-2024
Description:
Thomas Plantenga bet the future of Vinted on a television advertisement. The secondhand clothing resale app was burning $1 million per month and had less than a year of cash left when Plantenga made an $800,000 gamble on French television. It was May 2016, and Plantenga had recently been hired to save the eight-year-old Lithuanian startup. After its founding at a college party in 2008, Vinted had grown rapidly as people from 10 countries used its platform to buy and sell secondhand clothes. <br/><br/>But it was free for users, barely covering its server costs with advertising, and an attempt in 2014 to bolt on a Poshmark-style 20% sales commission resulted in a user revolt. Traffic almost halved overnight. The Netherlands-born Plantenga, who had never been to Lithuania, signed up for a five-week gig as a consultant in May 2016. He ended up becoming Vinted’s CEO 18 months later.<br/><br/>Seven years later, Vinted is one of Europe’s largest consumer marketplaces, with over $600 million of revenue in 2023. It now counts 100 million users globally. Last year, it posted its first annual profit—at least $20 million—distinguishing it from its loss-making American cousins including The RealReal (valued at $360 million), ThredUp ($200 million) and Poshmark (sold for $1.2 billion). Vinted became the Baltic nation’s first unicorn in 2019 when it raised $140 million at a $1.1 billion valuation, and sales have since grown sixfold. <br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/iainmartin/2024/04/15/how-lithuanian-startup-vinted-spun-secondhand-clothes-sales-into-gold/?sh=5a47e3eaa3f0<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Thomas Plantenga bet the future of Vinted on a television advertisement. The secondhand clothing resale app was burning $1 million per month and had less than a year of cash left when Plantenga made an $800,000 gamble on French television. It was May 2016, and Plantenga had recently been hired to save the eight-year-old Lithuanian startup. After its founding at a college party in 2008, Vinted had grown rapidly as people from 10 countries used its platform to buy and sell secondhand clothes. <br/><br/>But it was free for users, barely covering its server costs with advertising, and an attempt in 2014 to bolt on a Poshmark-style 20% sales commission resulted in a user revolt. Traffic almost halved overnight. The Netherlands-born Plantenga, who had never been to Lithuania, signed up for a five-week gig as a consultant in May 2016. He ended up becoming Vinted’s CEO 18 months later.<br/><br/>Seven years later, Vinted is one of Europe’s largest consumer marketplaces, with over $600 million of revenue in 2023. It now counts 100 million users globally. Last year, it posted its first annual profit—at least $20 million—distinguishing it from its loss-making American cousins including The RealReal (valued at $360 million), ThredUp ($200 million) and Poshmark (sold for $1.2 billion). Vinted became the Baltic nation’s first unicorn in 2019 when it raised $140 million at a $1.1 billion valuation, and sales have since grown sixfold. <br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/iainmartin/2024/04/15/how-lithuanian-startup-vinted-spun-secondhand-clothes-sales-into-gold/?sh=5a47e3eaa3f0<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
Share with your friends:
Whatsapp | Viber | Telegram | Line | SMS
Email | Twitter | Reddit | Tumblr | Pinterest
Related Videos
_roseburn-path-the-battle-over-whether-an-old-edinburgh-rail-line-should-become-a-tram-route.webp "Roseburn Path: The battle over whether an old Edinburgh rail line should become a tram route<br/><br/>Campaign formed to save “nature network” in public consultation that also includes Orchard Brae corridor option<br/><br/>It must be one of Scotland’s most genteel cycle paths, peppered with signs asking riders to dip their lights and be mindful of walkers.<br/><br/>The Roseburn Path in the west of Edinburgh is part of a web of off-road routes through the capital which were created from former railway lines closed 60 years ago.<br/><br/>But the prospect of the iron road returning in the form of a tram line has ignited a campaign to save what supporters cherish as a “nature network”, which is adorned this month with lush vegetation, birdsong and the scent of wild garlic.<br/><br/>The City of Edinburgh Council is to seek views on whether a planned new north-south tram route between Granton and the Royal Infirmary of Edinburgh and beyond should use the path or run along Orchard Brae to the east instead.<br/><br/>Council officials recommended the Roseburn option in February, but councillors decided to take a neutral stance pending the results of a public consultation later this year. The council stressed a path would be retained beside the tram line, but opponents questioned whether that would be either feasible, or attractive to users.<br/><br/>Backers of the Roseburn option argued that it will enable trams to run past the Western General, the city’s other major hospital, with reduced journey times by avoiding congested traffic corridors.<br/><br/>The route also has legislative approval from the Scottish Parliament in 2006 as part of a circular tram line, the northern half of which between Roseburn and Newhaven was later shelved. However, the Save the Roseburn Path campaign, which was formed to fight the new plans, described them as “complete nonsense”.")
⏲ 5:10 👁 1.6M
_research-suggests-link-between-brain-activity-and-maintaining-a-healthy-diet.webp "Research Suggests Link , Between Brain Activity and , Maintaining a Healthy Diet.<br/>Research Suggests Link , Between Brain Activity and , Maintaining a Healthy Diet.<br/>'Newsweek' reports that neuroscientists have <br/>discovered a link between an individual's <br/>dietary choices and specific brain activity patterns.<br/>According to scientists at Queen's University at Kingston, <br/>connections exist between body mass index (BMI) <br/>and certain brain states necessary to achieve goals. .<br/>The team looked at data from three MRI studies <br/>involving 123 participants making food choices <br/>under a number of different conditions.<br/>The team looked at data from three MRI studies <br/>involving 123 participants making food choices <br/>under a number of different conditions.<br/>Scientists compared the brain activity patterns from <br/>when participants chose food they normally eat, versus <br/>when they were instructed to focus on healthy foods.<br/>Scientists compared the brain activity patterns from <br/>when participants chose food they normally eat, versus <br/>when they were instructed to focus on healthy foods.<br/>Scientists compared the brain activity patterns from <br/>when participants chose food they normally eat, versus <br/>when they were instructed to focus on healthy foods.<br/>'Newsweek' reports that the results offer insight <br/>into how variables are integrated by the brain <br/>and how that impacts dietary control.<br/>The findings suggest that the number of <br/>large-scale brain pattern reconfigurations <br/>necessary to influence behavior may determine <br/>if people struggle to maintain dietary control. .<br/>The findings suggest that the number of <br/>large-scale brain pattern reconfigurations <br/>necessary to influence behavior may determine <br/>if people struggle to maintain dietary control. .<br/>The team's findings <br/>were published in <br/>the journal 'PNAS.' .<br/>Other recent studies have also identified <br/>specific areas of the brain that are <br/>associated with dietary regulation.<br/>Other recent studies have also identified <br/>specific areas of the brain that are <br/>associated with dietary regulation.<br/>A 2020 study published in 'Science Advances' <br/>details how the brain's ventral pallidum <br/>region is related to dietary preferences. .<br/>A 2020 study published in 'Science Advances' <br/>details how the brain's ventral pallidum <br/>region is related to dietary preferences. .<br/>Another study, published in the 'Journal of Neuroscience' <br/>in 2018, found that people with more grey matter <br/>volume made more disciplined food choices. .<br/>Another study, published in the 'Journal of Neuroscience' <br/>in 2018, found that people with more grey matter <br/>volume made more disciplined food choices.")
_wigan39s-2024-st-george39s-day-parade.webp "Hundreds join in the annual St George's Day parade from Mesnes Park into Wigan town centre and to the parish church for a service")
_dubai-flooded-after-rare-torrential-rain.webp "<p>Dubai has been flooded following the heaviest rain across the United Arab Emirates since records began in 1949.</p><br/><p>Roads were blocked and flights severely disrupted, and at least one person has died as a result of the rare torrential rain, which saw a record 254mm falling in the border city of Al Ain in less than 24 hours on Tuesday.</p>")
_protest-against-the-dog-beach-ban-in-hastings-old-town-east-sussex-on-april-20-2024.webp "In this video, event organiser Anne Pottle explains more.")
_do-aur-do-pyaar-124-movie-124-2024-124-official-trailer.webp "Kavya and Ani are a married couple. They live together, but are estranged from one another. They are both having long-st | dG1fbFpDV2NzZmM1SG8")
_genius-beauty-hacks-with-stunning-results-try-them-with-your-friends.webp "Boost your beauty routine with our latest video!Prepare to be dazzled as we reveal the most ingenious tricks and tips to achieve flawless makeup and glowing skin. From DIY face masks to effortless hair styling techniques, these hacks are sure to leave you and your friends feeling like beauty gurus. ♀️ Dive into the world of beauty exploration and discover the secrets to looking and feeling your best together! ✨ Don't miss out—hit play now and let the beauty magic begin!#BeautyHacks #FriendshipGoals #GlowUp ✨TIMESTAMPS: 8:47 - Curly hair in a flash17:35 - Fake lashes hack28:32 - Mascara applying hack42:57 - Artsy eye makeup51:45 - DIY dry shampoo")
_what-happened-to-the-bodies-of-the-apollo-1-crew.webp "The Apollo 1 disaster — NASA's first fatal accident — resulted in the deaths of three astronauts, devastating the organization and the nation as a whole. What happened to their bodies after they were recovered?")
_roseburn-path-the-battle-over-whether-an-old-edinburgh-rail-line-should-become-a-tram-route.jpg)
_research-suggests-link-between-brain-activity-and-maintaining-a-healthy-diet.jpg)
_wigan39s-2024-st-george39s-day-parade.jpg)
_dubai-flooded-after-rare-torrential-rain.jpg)
_protest-against-the-dog-beach-ban-in-hastings-old-town-east-sussex-on-april-20-2024.jpg)
_do-aur-do-pyaar-124-movie-124-2024-124-official-trailer.jpg)
_genius-beauty-hacks-with-stunning-results-try-them-with-your-friends.jpg)
_what-happened-to-the-bodies-of-the-apollo-1-crew.jpg)
![[+]](/images/menu.gif){kind=small}