Vinted

“If you look at France, why it took off, that relation with Mondial Realais, The relation with mango pay, both of these French companies believed in us, gave us good contracts and worked very closely with us. And then the marketing pricing in France was favorab…”

“So therefore, it's very, very important to consistently really look at the marginal cost and not the average cost of all your cock, because that's also a very, very big mistake, right? You can say, I have a cock of This. Okay, nice, but what is, let's say, you…”

“Timo Shine are spending money to attract buyers, and every Timo Shine buyer can become a vintage seller, and we're spending money to attract sellers of second-hand clothing. So for us, we're kind of like, just out of that storm. Like, so, so that storm just pa…”

“We see all countries moving at the same trend. Older the country, the more it contributes in terms of free cash flow. That's practically, and then it's obviously, it's correlated to the population. So the older a country, the bigger a country, the more cash fl…”

“We're not raising venture capital anymore. We're looking at our cash flow and saying, how do we want to invest that cash flow next year?”

“When we looked at Vinted in 2019, it had social media like time spent. In the app.”

“So they were asking something in the tune of 15 to 20% seller fee, which is like the standard thing that eBay and Poshmark were doing for years,”

“But yeah, so, so along the way, many failures and many failed launches, like the UK took, I don't know if it's six or five times before it worked.”

“And I think I'm not worried about it because. Every time I talk to somebody about Vinted that they didn't know our financials, they were very skeptical about it. Secondhand, who's buying secondhand? Is this ever going to be a business? And then you show the fi…”

“So, so by staying long in France, we walked France through all these investment scenarios, and thereby we had a playbook that we then ruthlessly could roll out in all the other countries and make upfront investments that looked like nuts to people.”

“So the last one is was during COVID was a 3.75.”

“It can be as fast as 12 months and it can be as long as three years.”

“Fifty billion. Global platform fully integrated shipping and payment functionalities across every category. Amazon like marketplace dynamics across all categories plus new software solution businesses next to it.”

“So Depop got sold to Etsy. And we were shitting our pants. Like I thought Josh Silverman is gonna like take a bit baseball bat and smash us into the ground because Etsy is a company I very much look up to. They're a great company. Josh is a great CEO. And I th…”

“Because it was very clear they had won France at that point in time. And it was, and France was like, it was a profitable region, right?”

“Practically the first two transactions are the most important.”

“Usually the highest EBITDA margin businesses have the lowest growth, right? And so it's this kind of funny thing where You know, the business like eBay has a great EBITDA margin. It hasn't really, it's not really growing and it's kind of losing market share ev…”

“And then we got really excited and I was like, okay, let's just test some stuff in the UK and the U S which horribly failed.”

“The end of zero interest rates benefited us a lot. I remember when, early when I joined the board, it was still, we're still in this era of like insane discounting by some of our competitors in various regions. And we had to make these hard choices. Like, do w…”

“And at the time that it got resurfaced, 90% of the GMV was in France.”

“They changed the business model into what was, let's say, what the business model that Poshmark is using as we speak. And then the business started to collapse.”

“We make it five percent plus 70 cents. And it was a bit of like a, well, let's just do it a bit higher and a bit higher now. Now it's 85% of our revenue and practically all the gross margin.”

“So I think up to 20, 2019, most of the industry was just waiting until we would go bankrupt because they thought like, this doesn't make any sense. But they didn't believe our economics would make sense. They didn't believe that you could spend that amount of …”

“We did not because like we got quite a boost to it and we know that we have this summer effect and these autumn effects and we see just in summer, people go to the beach and then they're buying a lot less. It's very obvious. Then autumn comes, weather changes,…”

“I am very impressed with what the team at Vinted have been able to do. It's a bit of a weird one, but the level of engagement I see from people who use the app is apps, the unreal, and people, it's like an addiction. I mean, they're using it more than they wou…”