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Thomas Plantenga bet the future of Vinted on a television advertisement. The secondhand clothing resale app was burning $1 million per month and had less than a year of cash left when Plantenga made an $800,000 gamble on French television. It was May 2016, and Plantenga had recently been hired to save the eight-year-old Lithuanian startup. After its founding at a college party in 2008, Vinted had grown rapidly as people from 10 countries used its platform to buy and sell secondhand clothes. <br/><br/>But it was free for users, barely covering its server costs with advertising, and an attempt in 2014 to bolt on a Poshmark-style 20% sales commission resulted in a user revolt. Traffic almost halved overnight. The Netherlands-born Plantenga, who had never been to Lithuania, signed up for a five-week gig as a consultant in May 2016. He ended up becoming Vinted’s CEO 18 months later.<br/><br/>Seven years later, Vinted is one of Europe’s largest consumer marketplaces, with over $600 million of revenue in 2023. It now counts 100 million users glo­bally. Last year, it posted its first annual profit—at least $20 million—distinguishing it from its loss-making American cousins including The Real­Real (valued at $360 million), ThredUp ($200 million) and Poshmark (sold for $1.2 billion). Vinted became the Baltic nation’s first unicorn in 2019 when it raised $140 million at a $1.1 billion valuation, and sales have since grown sixfold. <br/><br/>Read the full story on Forbes: https://www.forbes.com/sites/iainmartin/2024/04/15/how-lithuanian-startup-vinted-spun-secondhand-clothes-sales-into-gold/?sh=5a47e3eaa3f0<br/><br/>Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1<br/><br/>Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:<br/><br/>https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript<br/><br/>Stay Connected<br/>Forbes newsletters: https://newsletters.editorial.forbes.com<br/>Forbes on Facebook: http://fb.com/forbes<br/>Forbes Video on Twitter: http://www.twitter.com/forbes<br/>Forbes Video on Instagram: http://instagram.com/forbes<br/>More From Forbes:http://forbes.com<br/><br/>Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.
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A homeless woman says living in a bus shelter with her boyfriend and mum is safer than being put in temporary housing with drug addicts.<br/><br/>Destiny Mitchell moved into the 3m (9.8ft) by 1m (3.2ft) glass and metal shelter in Selly Oak, Birmingham, seven months ago.<br/><br/>The 26-year-old, who has autism, lives in the disused bus stop on Bristol Road with boyfriend Ryan, 31, and her 44-year-old mum.<br/><br/>Destiny says the council offered them temporary accommodation but she does not want to be separated from her mum who also has autism.<br/><br/>The trio have tried to give the graffiti-covered shelter home comforts with a carpet, drawers and even an old pair of Super Mario curtains where the timetables were once displayed.<br/><br/>They have also been given garden chairs, a bin and sleeping bags from wellwishers.<br/><br/>She says the three of them use sellotape and cardboard given to them by students to patch up leaks in the roof and walls of their shelter.<br/><br/>Destiny says they slept in a doorway of a Greggs but moved into the bus stop after being moved on by the police. <br/><br/>Speaking today, she said: “When we found this place it was my idea to create this living space. <br/><br/>“Before I lived in a bus stop, I was sleeping in a blanket on the floor, but I didn't feel safe. <br/><br/>“I’ve been living here for seven months. Before that we lived near Greggs before the police moved us on. <br/><br/>“Because we’re not students they don't have housing for us. <br/><br/>“There’s three of us in here, me, my partner and my mum. This is all new to me, I used to live in a tent. <br/><br/>“I’ve been homeless for two years off and on. At one point our tent got burnt down.<br/><br/>“I’m from Wolverhampton and I had a flat but bad things happened and I had to leave it and was made homeless. That’s when we came to Selly Oak. <br/><br/>“I saw this bus stop out of use. It was cold and starting to rain. We’ve had to sellotape the roof to stop the rain getting in. <br/><br/>“The students help me sellotape the windows, I’ve got a chest of drawers, a carpet.”<br/><br/>The family will now have to move out after Transport for West Midlands (TfWM) announced it was demolishing the bus shelter within weeks.<br/><br/>Destiny added: “They’ve said we’ve got a month left and they’re going to destroy it. <br/><br/>“I’ve been in here a long time, I don’t want them to destroy my home, we haven't got anywhere else to live. <br/><br/>“If the council doesn’t help us we’re going to try and move into another bus stop. <br/><br/>“We wanted to get a caravan. We don’t want to go into a shared house because of drug users. We don’t want that, we don't use drugs. It's not safe for us.<br/><br/>“They are saying they won’t house my mum and us together. My mum’s disabled.<br/><br/>“I want them to house us before they take the bus shelter down.<br/> <br/>“I just want to make sure we all stay together as a family, that’s all I want.<br/><br/>“Nobody gives me any money. I haven’t got any clothes, I haven't got a bra on. <br/><br/>“No one gives me any money to buy what I need. They give me food but I need clothes too.
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