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Wire: June 18, 2026

MARKET

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.

NUMBERS

eBay still dwarfs the pure-play field on volume

eBay reported gross merchandise value of 79.6 billion dollars in 2025, a reminder that the largest resale-capable marketplace is not a fashion specialist at all. The pure-play resale names compete for a category eBay treats as one vertical among many, which is precisely why eBay is buying Depop to sharpen its fashion and younger-buyer position.

Scale like this reframes the competitive map. The specialists win on curation and trust in specific categories; the generalist wins on raw liquidity. The interesting fights happen where those two logics collide, in luxury and streetwear.

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