Logistics, payments: Vinted reshapes its value chain at the expense of its margins

€1.1 billion in revenue, up 38%, and yet profit down 19% to €62 million. At Vinted, the paradox is only apparent. One year after reaching break-even, the Lithuanian platform is sacrificing margins to build new ones elsewhere in the value chain.

A growth engine that shows no signs of slowing
This shift comes at a time when fundamentals remain strong. Gross merchandise value reached €10.8 billion, up 47%—a faster pace than revenue growth. The macro context remains supportive, with persistent inflation driving consumers toward second-hand purchases. But the momentum goes beyond cyclical effects: second-hand is becoming a structural consumption reflex.

The real bet: controlling the pipes
For Vinted, the objective is to move beyond the traditional marketplace model, which leaves most operational value in the hands of third parties (logistics, payments).

With Vinted Go and Vinted Pay, the platform is seeking to control the very conditions of the transaction—whether shipping or financial flows. This shift alters the nature of the model: from intermediary to operator. Logistics and payments are no longer just support functions; they are becoming differentiation levers and, ultimately, profit centers.

The numbers illustrate the scale of the effort. By the end of 2025, the Vinted Go network in France included more than 7,000 shipping points—around 4,700 lockers and 2,300 pick-up locations—covering over 2,000 municipalities. Across Europe, the network reaches nearly 14,000 points. Expansion continues, with a target of over 10,000 points in France by the end of 2026. This rollout is less about logistics in the traditional sense than about territorial footprint, point by point.

The cost of this internalization weighs heavily on short-term results. But the underlying logic is that of infrastructure building—laying the foundation for future revenue streams.

Germany secured, the United States in sight
Another sign of maturity: Vinted has stabilized its position in Germany, the last major European market that had resisted it. This turnaround validates the model’s ability to scale in highly competitive environments.

The next phase now lies across the Atlantic. Vinted is preparing a renewed push into the United States, a market it has been trying to enter for over a decade. This time, the approach is no longer exploratory. CEO Thomas Plantenga announced earlier this year investments of several tens of millions of dollars to achieve this.

While an initial London–New York corridor has allowed the company to test demand without deploying full infrastructure, Vinted will need to replicate its proven European playbook: platform optimization, logistics structuring, and stronger acquisition efforts. This comes in the face of intense competition from Poshmark, ThredUp, and Mercari—not to mention consumer habits in the U.S., which remain less oriented toward second-hand than in Europe.

€8 billion valuation, and declining profit
While its valuation was estimated at around €5 billion in 2024, it is now believed to have reached €8 billion—a figure reportedly set during a secondary transaction involving BlackRock.

Following two secondary deals, a potential IPO is being considered in the medium term. The board is being reshaped to align with listed-company standards.

A controlled tension
The strategy carries execution risk. Operating a network of thousands of lockers and pick-up points across Europe requires flawless operational discipline: flow management, network maintenance, and consistent service quality across markets. Any disruption—delays, lost parcels, degraded experience—directly undermines user trust.

Payments add another layer of complexity. By internalizing this function, Vinted enters a dense regulatory environment: financial licenses, compliance obligations (KYC, anti-money laundering), and oversight by European regulators. These are the requirements of a payment institution, not a simple marketplace. While the group has secured the necessary approvals, maintaining compliance at scale remains an ongoing challenge.

Finally, the U.S. expansion introduces a different order of magnitude: entrenched competitors, distinct consumption patterns, and significantly higher customer acquisition costs. Vinted is committing tens of millions of dollars without guaranteed returns. The history of e-commerce is littered with European platforms that failed in the U.S.—from Zalando to Vestiaire Collective—and transatlantic successes remain rare.

Vinted has chosen to operate its own infrastructure. The bet is not without risk, but it is structurally transformative. Tomorrow’s margins are being built through today’s investments, and the Lithuanian company shows no intention of constraining its ambitions to preserve a model that no longer matches its trajectory.