American investment giant BlackRock is to acquire shares in Lithuanian second-hand clothing platform Vinted worth approximately €574 million, according to a report by British outlet Sky News, cited by the Lithuanian business portal Verslo žinios on Thursday.
Vinted declined to comment on the transaction.
BlackRock, the world's largest asset manager, will purchase the stake from existing shareholders through a secondary share sale expected to be announced in the coming weeks, valuing the company at approximately €8 billion – up sharply from the €5 billion valuation placed on Vinted during a similar sale in October 2024.
The deal comes as Vinted pursues an aggressive international expansion. Although the app has been available in the United States since 2013, the company announced in January that it was making a full-scale push into the American market.
"This is not a preliminary test. This is a full-scale test," chief executive Thomas Plantenga told the Wall Street Journal, adding that the company planned to invest tens of millions of dollars in its US operations this year.
Vinted has chosen New York City as its initial focus, citing research showing that 55 per cent of the city's residents lack adequate wardrobe space and that one in five owns unworn clothing worth more than $500.
Europe's largest peer-to-peer marketplace for second-hand goods and Lithuania's first unicorn, Vinted, currently operates in more than 20 markets, predominantly across Europe.
The company posted strong financial results for 2024, with net profit rising 4.3-fold to €76.7 million. Adjusted earnings before interest, taxes, depreciation and amortisation climbed 2.1-fold to €158.9 million.
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