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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
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Grow with Alex
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Economy Minister Rafizi Ramli said on Monday (April 22) that one of the major challenges for Malaysia in becoming a top startup ecosystem by 2030 is the government's ability to change society’s model of success and risk aversion.<br/><br/>Rafizi said this at a panel session of the KL20 Summit 2024 on Monday (April 22).<br/><br/>WATCH MORE: https://thestartv.com/c/news<br/>SUBSCRIBE: https://cutt.ly/TheStar<br/>LIKE: https://fb.com/TheStarOnline<br/>
Transforming mindsets key to boosting Malaysia’s startup ecosystem, says Rafizi
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Alex Hormozi
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Want to build muscle but not sure where to start? Our expert-backed guide will help you navigate the basics of weightlifting for beginners
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Elevating the adventure-ready SUV segment is not a task taken lightly, but the all-new 2024 Lexus GX 550 is up to the challenge with an unparalleled combination of elegant features, offroad capability, and the luxurious quality for which Lexus is known. Redesigned from the ground up, the GX builds on its 20 years in the Sport Utility Segment… making the case for the GX to be defined as a “Sophisticated Utility Vehicle.”<br/><br/>Today, a new legend is born as Lexus unveils the all-new, completely redesigned 2024 GX. The first-generation GX entered the North American market in 2002 as a force to be reckoned with in the mid-luxury SUV market. Lexus enthusiasts have praised its legendary off-road capability and its ability to tackle rough terrains, taking customers comfortably from errands to remote spaces.<br/><br/>The age-old saying is true: it’s about the journey; not the destination. The all-new GX 550 was designed to inspire customers to pursue their urge to travel, take an unpaved path, immerse themselves in nature and revel in the joy of driving. As part of that journey, GX blazes the trail as the first vehicle to bring the global Lexus “Overtrail Project” to life. The 2024 GX builds upon the strong foundation created by the outgoing generation, and brings the intuitive technology, thoughtful interior touches, and continued off-road prowess that Lexus Guests have come to expect.<br/><br/>The all-new GX presents an unmistakably aggressive exterior design that exudes the tough, rugged persona that it has earned time and time again. Lexus designers were intent on expressing the off-road functionality of a true body-on-frame SUV. Their guiding light was envisioning GX customers enjoying refined outdoor experiences, and, as such, they were determined to design a GX that exemplifies the juxtaposition of a tough exterior with a calming, lux, and modern interior space.<br/><br/>The 2024 GX 550 will be offered in six grades: Signature, Premium, Luxury, Executive, and all-new for Lexus, Overtrail and Overtrail+.<br/><br/>The 2024 GX introduces a noticeable change from the previous generation with a square-body profile with a horizontal design motif. From the front, the all-new GX continues the Lexus spindle body concept with an all-new bold, resolute design that also aids in off-roading functionality. To achieve the grounded, stable stance, designers created a taut body with a wide track and fender flares, pulling the front pillar base to the rear. The overall width increases by 95 mm (Overtrail by 115 mm) compared to the previous-generation GX. The Premium Triple Beam LED headlamps and grille opening have been raised to help avoid potential road impact. LED fog and cornering lamps are available for increased visibility. The front overhang has been decreased by 20 mm for improved clearance. The powerful front presence is led by the seamless grille and headlamp integration.
2024 Lexus GX Overtrail Design Preview
⏲ 2:30 👁 310K
Udacity
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