Vinted GMV jumps 47 percent, but profit slips on the buildout
Vinted grew gross merchandise value 47 percent to 10.8 billion euros in 2025 and lifted revenue 38 percent to 1.1 billion euros, according to figures reported alongside its CNBC interview, even as net profit fell 19 percent. The profit dip is deliberate: the company is spending on logistics through Vinted Go and payments through Vinted Pay, plus a US push.
This is the classic marketplace decision to trade near-term margin for infrastructure that raises switching costs later. The question for the sector is whether Vinted’s owned logistics and payments become a moat, or a cost base that heavier rivals can undercut.