The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Vinted, an online venue for people to buy and sell second-hand clothes, said on Wednesday it had raised €250 million ($303 million) from investors and would invest proceeds in expanding its operations in Europe and beyond.
The Lithuanian startup is one of a crop of firms promoting the so-called “circular” economy, addressing concerns that buying new clothes online leads to waste in the form of packaging or outfits that are quickly discarded.
Vinted, which counts more than 45 million members globally, said the fund raising put a pre-money valuation on the business of €3.5 billion.
The Series F round was led by EQT Growth, with participation from Vinted’s previous lead investors: Accel, Burda Principal Investments, Insight Partners, Lightspeed Venture Partners and Sprints Capital, Vinted said in a statement.
By Douglas Busvine; editor: Steve Orlofsky.
Four years ago, when the Trump administration threatened to ban TikTok in the US, its Chinese parent company ByteDance Ltd. worked out a preliminary deal to sell the short video app’s business. Not this time.
Brands are using them for design tasks, in their marketing, on their e-commerce sites and in augmented-reality experiences such as virtual try-on, with more applications still emerging.
Brands including LVMH’s Fred, TAG Heuer and Prada, whose lab-grown diamond supplier Snow speaks for the first time, have all unveiled products with man-made stones as they look to technology for new creative possibilities.
Social networks are being blamed for the worrying decline in young people’s mental health. Brands may not think about the matter much, but they’re part of the content stream that keeps them hooked.