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_how-lithuanian-startup-vinted-spun-secondhand-clothes-sales-into-gold-124-forbes.webp "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.")
_jay-leno-to-host-39you-bet-your-life39-on-fox.webp "FOX 35 Orlando")
_groucho-disturbed-by-crazy-eyed-guest-rare-clip-from-you-bet-your-life-may-12-1955.webp "Groucho Marx - You Bet Your Life")
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_jay-leno-returns-with-9234you-bet-your-life9234-on-fox-32.webp "FOX 32 Chicago")
_you-bet-your-life-59-37-ida-tart-as-apple-cider-39room39-jun-9-1960.webp "Groucho Marx - You Bet Your Life")
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_groucho-flirts-with-the-ladies-on-you-bet-your-life-with-groucho-marx.webp "Retro Video")
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_appraisals-comedian-jay-leno-124-celebrity-edition-hour-1-124-antiques-roadshow-124-pbs.webp "Antiques Roadshow PBS")
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_you-bet-your-life-59-33-rocky-ii-the-sequel-39room39-may-5-1960.webp "Groucho Marx - You Bet Your Life")
_groucho-marx-roasts-johnny-carson-1968.webp "Starlights")
_you-bet-your-life-59-34-louise-beavers-and-an-angry-plumber-39book39-may-12-1960.webp "Groucho Marx - You Bet Your Life")
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_jay-leno-talks-about-starting-as-a-regular-guest-host-on-the-tonight-show-starring-johnny-carson.webp "Johnny Carson")
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_you-bet-your-life-58-08-lari-lane-the-boom-boom-girl-secret-word-39roof39-nov-13-1958.webp "Groucho Marx - You Bet Your Life")
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