Hello everyone, this is Shiken. There's a highly noteworthy development in the secondhand fashion market recently: Vinted, Europe's largest resale platform, is testing its business model in the United States. This giant, valued at €8 billion, has been laying the groundwork in the U.S. since January 2026. According to Wells Fargo data, its active U.S. users have grown more than sixfold in just half a year. What implications does this have for us secondhand luxury merchants in Asia?
First, let's look at the macro data. According to a McKinsey report, the global secondhand apparel market is projected to reach $317 billion by 2027. In the U.S., the growth rate of the secondhand fashion market between 2025 and 2027 is expected to be twice that of the new clothing market. This demonstrates that the potential of the resale market remains immense, with strong growth momentum.
Vinted's performance in the 2025 fiscal year also confirms this, with revenue reaching approximately €1.1 billion, a year-over-year increase of 38%. However, it's worth noting that its profitability has declined: EBITDA dropped by 5%, and net profit decreased by 19.5%. This reflects the challenges of cost control and profitability models that platforms face during rapid expansion.
Vinted's biggest trump card lies in its unique business model: zero selling fees for sellers, with buyers paying a buyer protection fee. This is starkly different from the models of existing U.S. platforms like eBay, Poshmark, and ThredUp. This model has achieved massive success in Europe, where Vinted currently operates in 26 countries, with a Gross Merchandise Value (GMV) of €10.8 billion in 2025.
Bloomberg reports that Vinted is considering an IPO, which would provide an exit opportunity for early investors. CEO Adam Jay stated that secondhand consumption is a "done deal" and the U.S. market represents a "massive opportunity."
For us secondhand luxury merchants in Asia, Vinted's moves remind us of a few things: First, the zero-fee model is highly attractive to sellers, which could alter the future competitive landscape of platforms. Second, competition in the U.S. market will intensify, but it also means a higher level of market education and broader acceptance. Third, while pursuing scale expansion, maintaining profitability is a challenge all platforms must face.
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