Vinted, a billion-dollar company and a notable player in the second-hand clothing market, was founded by a Lithuanian student, Milda Mitkute, in 2008, who sought a solution to her surplus clothes.
Vinted is a billion-dollar startup that has become a significant player in the market for buying and selling second-hand clothes and items. The inception of the idea dates back to 2008, when Milda Mitkute, then a college student in Lithuania, expressed her frustration at having to discard extra clothes during a move. This led her to enlist the help of her friend, Justas Janauskas, who was studying computer science, to build a simple sales platform for her unsold items. The online thrift store began as a collaborative hobby between friends, operated mainly on a volunteer basis.
Initially, Vinted faced challenges, such as not including a purchase button on its website, which hindered user engagement. Despite its humble beginnings, the app quickly gained popularity in Lithuania, although profits were slow to materialize. The turning point came in 2011 when angel investor Mantas Mikuckas recognized the potential in the platform. His investment catalyzed the company’s growth, transforming it from a casual project among friends to a serious business venture.
Today, Vinted operates on a much larger scale, effectively tapping into the growing market of second-hand goods and promoting a sustainable shopping alternative. It embodies a trend among consumers who are increasingly seeking environmentally friendly options, and its success reflects a broader shift in retail towards circular economies, where products are reused and recycled rather than discarded.
