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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 👁 1.5M
FRONTLINE PBS | Official
Sex Trafficking in America (full documentary) | FRONTLINE
⏲ 53 minutes 9 seconds 👁 1.9M
BBC News
Surviving Sex Trafficking [Full Documentary] - BBC News
⏲ 47 minutes 4 seconds 👁 812.1K
U.S. Department of State
2019 Trafficking Persons Report
⏲ 7 minutes 46 seconds 👁 1.1K
Associated Press
Pompeo unveils 2019 human trafficking report
⏲ 1 minute 18 seconds 👁 454
Etactics
Worldwide Sex Trafficking Statistics
⏲ 3 minutes 30 seconds 👁 1.1K
News 19 WLTX
2019 Human trafficking task force report
⏲ 3 minutes 44 seconds 👁 961
11Alive
What does sex trafficking actually mean? 11Alive breaks it down
⏲ 2 minutes 52 seconds 👁 31.8K
WCNC
US Department of Homeland Security shares ways to spot, report human trafficking
⏲ 2 minutes 25 seconds 👁 981
FOX 13 Tampa Bay
Couple accused of running human trafficking ring wants out of jail
⏲ 1 minute 43 seconds 👁 81.5K
Texas Pictures Documentaries
Trafficking in America: Mary McDowell's Story
⏲ 52 minutes 👁 85.5K
TEDx Talks
Escaping the Pain of Human Trafficking | Markie Dell | TEDxDownsviewWomen
⏲ 10 minutes 22 seconds 👁 694.7K
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