Vinted, the popular online marketplace for buying and selling secondhand clothing, has recently made a major strategic move in the Spanish market by acquiring its local competitor, Chicfy. This acquisition represents a significant shift in the landscape of the secondhand fashion market in Spain.
The deal, valued at under 10 million euros by the Spanish press, will see Chicfy shutting down its portal and encouraging its users to transition over to the Vinted platform. This move comes after Chicfy faced tough competition from Vinted, which entered the Spanish market with lower commissions for buyers and sellers. Chicfy’s 20% commission for sellers was no match for Vinted’s 7% for buyers, prompting the search for a buyer.
Initially, Wallapop, another Spanish used goods marketplace, made an offer to acquire Chicfy. However, Vinted saw an opportunity and decided to step in, with CEO Thomas Plantenga highlighting the company’s focus on Belgium, the Netherlands, and Spain in the near future.
The acquisition of Chicfy aligns with Vinted’s goal of providing a practical alternative to Chicfy’s users, who can now take advantage of Vinted’s attractive buyer and seller offers. Plantenga emphasized Vinted’s commitment to making secondhand fashion the first choice worldwide, with the platform already boasting 23 million members across 11 European countries.
With Chicfy reporting revenues of 4 million euros and a profit of 400,000 euros in 2017, according to The Information, Vinted aims to attract its former users by offering a wider range of products. Vinted, with a business volume of around 1.3 billion euros, has a strong presence in France and Germany, and is now expanding into Spain.
Moreover, Vinted has started incorporating higher-end pieces on its platform to appeal to older users, further expanding its reach and appeal in the secondhand fashion market. Overall, this acquisition marks a significant development in the industry and holds promise for both companies and their users moving forward.
It will be intriguing to see how this move shapes the future of the secondhand fashion market in Spain and Europe as a whole.
For more information about Vinted and Chicfy, visit their official websites:
Vinted Official Website
Chicfy Official Website
