How Lithuanian Startup Hit $12.5B Without Going Public

Starting Small in Vilnius

Back in 2008, Milda Mitkute and Justas Janauskas had a simple idea: create a place where people could sell clothes they no longer wanted. They called it “Miju Project” and launched it from Vilnius, Lithuania.

Fast forward to today, and that little startup now operates in over 20 European countries, plus the US and Canada. The numbers tell an incredible story. By 2019, they’d reached $1.6 billion in total sales.

Then came 2020. The pandemic changed everything for online shopping, and Vinted was ready. Their sales nearly doubled to $3 billion in just one year. Around this time, they also bought up local competitors like Germany’s “Kleiderkreisel” and unified everything under the Vinted brand.

Going Beyond Clothes

By 2024, Vinted hit that massive $12.5 billion milestone. But here’s what’s interesting – they’re not just about secondhand clothes anymore.

The company also launched:

• Vinted Go, their own shipping service with pickup points and lockers. It started in France and Belgium and then expanded to Spain and Portugal. Smart move – controlling shipping means better service and lower costs.
• Vinted Pay in Lithuania. It’s their own payment system that keeps transactions secure and, importantly, everything within their platform.
• Vinted Ventures is now investing in other companies that are addressing similar marketplace challenges.

The Social Shopping Twist

What makes Vinted different? It’s not just a marketplace – it’s actually social. Users follow each other based on style, chat about items, and build real connections. This community aspect keeps people coming back, which is gold for any platform.

What’s Next

The company is targeting $16.7 billion by 2026. That’s a 39% jump from where they were in 2019. Not bad for a 15-year-old platform riding the booming recommerce wave.

Vinted proves that sometimes the best business ideas are the simple ones. Take something people already do – sell unwanted clothes – make it easier and more social, then expand smartly. The result? The company, valued at a billion dollars, continues to grow rapidly within the burgeoning secondhand market.

Data sourced from ECDB