Latest news with #ThomasPlantenga
Fashion Network
2 days ago
- Business
- Fashion Network
UK Second-Hand Shopping to Hit £4.8 Billion This Year, CEBR Says
Two-thirds of British consumers bought second-hand goods online last year, research shows, a figure expected to grow as shoppers rein in spending and as so-called 'pre-loved' items become more available. Purchases of used goods on the internet will reach £4.8 billion ($6.4 billion) in the UK this year, up from £4.3 billion in 2024, according to a report from the Centre for Economics and Business Research commissioned by Inc. The market is growing rapidly, with some shoppers driven by environmental concerns and others taking the opportunity to monetize their wardrobes as sellers. Households have also grown thriftier amid cost-of-living pressure. Vinted, Europe's largest online marketplace for second-hand clothes, is valued at around €5 billion ($5.8 billion) and is expanding into other segments including phones, toys, gaming consoles and, potentially, luxury watches, Chief Executive Officer Thomas Plantenga told Bloomberg late last year. The trend has implications for established retailers, which are trying not to miss out. Zara owner Inditex SA has expanded its platform to sell second-hand clothes in the US, France and Germany. Amazon has grown its selection under the banner Amazon Second Chance, selling returned items at discounts and offering 'pre-loved' fashion including Dior dresses and Gucci joggers. 'Brands that don't evolve risk leaking relevance — and revenue — to platforms that feel more aligned with where the world is heading,' retail consultant and broadcaster Mary Portas told Bloomberg. Second-hand products now account for 34% to 45% of UK consumer spending in some of the most popular categories including technology, fashion and home appliances, according to the CEBR, which surveyed 10,000 adults across Europe. The market includes used and 'open-box' items — where a product is returned unused — as well as refurbished goods, it said. Average monthly spending on pre-loved goods has more than doubled over five years in the UK, rising to £124.80 a month from £58.40, the CEBR said.
Fashion Network
2 days ago
- Business
- Fashion Network
UK Second-Hand Shopping to Hit £4.8 Billion This Year, CEBR Says
Two-thirds of British consumers bought second-hand goods online last year, research shows, a figure expected to grow as shoppers rein in spending and as so-called 'pre-loved' items become more available. Purchases of used goods on the internet will reach £4.8 billion ($6.4 billion) in the UK this year, up from £4.3 billion in 2024, according to a report from the Centre for Economics and Business Research commissioned by Inc. The market is growing rapidly, with some shoppers driven by environmental concerns and others taking the opportunity to monetize their wardrobes as sellers. Households have also grown thriftier amid cost-of-living pressure. Vinted, Europe's largest online marketplace for second-hand clothes, is valued at around €5 billion ($5.8 billion) and is expanding into other segments including phones, toys, gaming consoles and, potentially, luxury watches, Chief Executive Officer Thomas Plantenga told Bloomberg late last year. The trend has implications for established retailers, which are trying not to miss out. Zara owner Inditex SA has expanded its platform to sell second-hand clothes in the US, France and Germany. Amazon has grown its selection under the banner Amazon Second Chance, selling returned items at discounts and offering 'pre-loved' fashion including Dior dresses and Gucci joggers. 'Brands that don't evolve risk leaking relevance — and revenue — to platforms that feel more aligned with where the world is heading,' retail consultant and broadcaster Mary Portas told Bloomberg. Second-hand products now account for 34% to 45% of UK consumer spending in some of the most popular categories including technology, fashion and home appliances, according to the CEBR, which surveyed 10,000 adults across Europe. The market includes used and 'open-box' items — where a product is returned unused — as well as refurbished goods, it said. Average monthly spending on pre-loved goods has more than doubled over five years in the UK, rising to £124.80 a month from £58.40, the CEBR said.
Straits Times
2 days ago
- Business
- Straits Times
UK second-hand shopping to hit $8.3 billion in 2025 amid cost-of-living crisis
Find out what's new on ST website and app. Established retailers are trying not to miss out with Zara owner Inditex expanding its platform to sell second-hand clothes. LONDON – Two-thirds of British consumers bought second-hand goods online in 2024, research shows, a figure expected to grow as shoppers rein in spending and as so-called 'pre-loved' items become more available. Purchases of used goods on the internet will reach £4.8 billion (S$8.3 billion) in the UK this year, up from £4.3 billion in 2024, according to a report from the Centre for Economics and Business Research (CBER) commissioned by The market is growing rapidly, with some shoppers driven by environmental concerns and others taking the opportunity to monetise their wardrobes as sellers. Households have also grown thriftier amid cost-of-living pressure. Vinted, Europe's largest online marketplace for second-hand clothes, is valued at around 5 billion euros (S$7.5 billion) and is expanding into other segments including phones, toys, gaming consoles and, potentially, luxury watches, chief executive officer Thomas Plantenga told Bloomberg late in 2024. The trend has implications for established retailers, which are trying not to miss out. Zara owner Inditex has expanded its platform to sell second-hand clothes in the United States, France and Germany. Amazon has grown its selection under the banner Amazon Second Chance, selling returned items at discounts and offering 'pre-loved' fashion including Dior dresses and Gucci joggers. 'Brands that don't evolve risk leaking relevance – and revenue – to platforms that feel more aligned with where the world is heading,' retail consultant and broadcaster Mary Portas told Bloomberg. Second-hand products now account for 34 per cent to 45 per cent of UK consumer spending in some of the most popular categories including technology, fashion and home appliances, according to the CEBR, which surveyed 10,000 adults across Europe. Top stories Swipe. Select. Stay informed. Singapore Priority for singles, higher quota for second-timer families to kick in from HDB's July BTO exercise Singapore Witness stand not arena for humiliation in sex offence cases, judge reminds lawyers Asia PM Ishiba under siege after trouncing in Upper House polls as 'Japanese First' Sanseito gains Business Bigger, quieter, greener: High-volume low-speed fans see rising demand in warming Singapore Singapore New home owners in Singapore find kampung spirit on BTO Telegram groups Singapore What would it take for S'pore to shed the dirty image of its blue recycling bins? Business DBS hits record high above $47; CDL up after director Philip Yeo announces resignation Business Singapore dollar faces downward pressure from US tariffs, expected policy shift The market includes used and 'open-box' items – where a product is returned unused – as well as refurbished goods, it said. Average monthly spending on pre-loved goods has more than doubled over five years in the UK, rising to £124.80 a month from £58.40, the CEBR said. BRITAIN
Fashion Network
30-04-2025
- Business
- Fashion Network
Vinted quadruples profit in 2024 as revenue climbs to €813.4 million
The Lithuanian leader in second-hand sales announced it generated €813.4 million in revenue in 2024. This 36% increase is especially notable for the 330% surge in net profit, which reached €76.7 million for the fiscal year, just one year after the company first became profitable. In 2023, the company had posted €17.8 million in net profit. Since then, its adjusted EBITDA has grown from €76.6 million to €158.9 million. The group attributes this growth partly to the rollout of new product categories, including luxury goods and high-tech offerings. Meanwhile, Vinted Go continued to grow its low-cost logistics service, supporting both its own sales volume and that of third-party brands. Currently available in France and the Benelux region, the service is scheduled to expand into Spain and Portugal in 2025. For CEO Thomas Plantenga, the results reflect a 'combination of scaling, innovation, and cost control,' he explained. 'Given the market's potential size, we know there are huge opportunities ahead and a lot of work to do to capture them. We see our current position as a strong foundation to build that future, and we will continue to learn and improve. We are at the beginning of the journey and aiming high.' The announcement also allowed Vinted to unveil Vinted Ventures, a new investment initiative to identify and support entrepreneurs and startups entering the 're-commerce' (second-hand online commerce) space and its value chain. The company has hinted at the launch of new product categories in 2025. Vinted Marketplace CEO Adam Jay recently told that the platform plans to broaden its offering while maintaining a core focus on apparel. Currently active in 22 European countries, Vinted also announced plans to continue expanding geographically. France remained its largest market last year, followed by the United Kingdom, Germany, and Italy. Founded in 2008 in Vilnius, Vinted indicated at the end of 2024 that it has no immediate plans to go public, even after reaching a €5 billion valuation following a secondary investment round. The company's workforce grew by 19% in 2024, reaching 2,200 employees.
Fashion Network
30-04-2025
- Business
- Fashion Network
Vinted quadruples profit in 2024 as revenue climbs to €813.4 million
The Lithuanian leader in second-hand sales announced it generated €813.4 million in revenue in 2024. This 36% increase is especially notable for the 330% surge in net profit, which reached €76.7 million for the fiscal year, just one year after the company first became profitable . Vinted CEO Thomas Plantenga - Viinted In 2023, the company had posted €17.8 million in net profit. Since then, its adjusted EBITDA has grown from €76.6 million to €158.9 million. The group attributes this growth partly to the rollout of new product categories, including luxury goods and high-tech offerings. Meanwhile, Vinted Go continued to grow its low-cost logistics service, supporting both its own sales volume and that of third-party brands. Currently available in France and the Benelux region, the service is scheduled to expand into Spain and Portugal in 2025.
