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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.
How Lithuanian Startup Vinted Spun Secondhand Clothes Sales Into Gold | Forbes
⏲ 5:56 👁 1.1M
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2 YTPMV Scans
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YTPMV Disney Channel Bees Scan
⏲ 42 seconds
President Joe Biden just signed a bill that extends and modifies the Foreign Surveillance Act.Veuer's Elizabeth Keatinge has more.
Controversial Foreign Surveillance Act Extended
⏲ 0:53 👁 3.7M
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Moonzy Dad Fish in Purple Major
⏲ 11 seconds
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The Pooches Scans Quadparsion
⏲ 42 seconds 👁 81
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”.
Roseburn Path: The battle over whether an old Edinburgh rail line should become a tram route
⏲ 5:10 👁 800K
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Closing To Rabbit School 2011 DVD
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YTPMV The Pooches Scan
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Here are a few things you should consider before buying a home close to water. PennyGem’s Natasha Abellard has the story.
Before You Sign on to That Water-Front Property, Here Are Some Things You Should Know
⏲ 0:53 👁 4.3M
MeidasTouch
Trump PA Interview BACKFIRES IN HIS FACE before Trial
⏲ 11 minutes 43 seconds 👁 92.9K
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Moonzy Dad Fish Ghostburhers
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