Miinto, a European e-commerce platform that connects consumers, boutiques and brands and sells both new and pre-loved apparel, has acquired The Vintage Bar, a social commerce and community-driven marketplace for pre-owned fashion that counts a community of more than 250k members and 620k followers on Instagram.
The aim of the acquisition of the Danish platform Miinto is to become a prominent player within circular fashion.
“Miinto is excited to welcome The Vintage Bar, as part of the family and to bring our vision of accelerating our name and being a prominent player within the resale market, to life. We want to be the go-to platform for all premium fashion, from new to pre-loved, encouraging our customers and partners to consume and shop consciously,” said Konrad Kierklo, CEO and founder, Miinto. “With this partnership, we are achieving a number of key priorities in our strategic plan, including optimizing our technology to deliver faster, better and meaningful circular product implementations for our customers,” added Kierklo.
Konrad Kierklo, CEO and founder, Miinto
Miinto aims to increase its circular initiatives by targeting a “25 in 25 goal”, which is to achieve 25% of its GMV to be derived from circular fashion by 2025, with The Vintage Bar becoming the focal universe for all circular initiatives, offering customers conscious fashion choices and giving brands a channel to close the loops within fashion.
Miinto’s strategic plan is to adapt to shifting customer needs by focusing on bringing The Vintage Bar’s supply of more than 100,000 pre-owned items to Miinto’s platform, and to utilize The Vintage Bar's existing platform and strong brand positioning among Gen Z and Y, to advance Miinto’s plans on launching a C2C marketplace that involves buyers becoming sellers and sellers becoming buyers.
Both marketplaces will operate separately, but share an operational back office to optimize the buying and selling experience, and progressively merge to allow sharing of best practices and to support an accelerated growth in the circular fashion market.
Through this, the two companies will see an increase in size and reach of their marketplaces, providing sellers with a much larger audience for their products. This will also benefit buyers, who will be presented with a broader selection of pre-loved goods, enhancing the overall purchase experience.
Miinto and The Vintage Bar's customers will gain access to an array of circular initiatives – such as rental, trade-in, repair, donation, excess inventory – in order to close the loops in the fashion industry.
“Miinto is the ideal home for TVB as we share a vision of a more conscious, circular and inclusive fashion industry,” said Mikael Mortensen Savas, CEO, The Vintage Bar.
Mikael Mortensen Savas, CEO, The Vintage Bar
“It’s about paying tribute to fashion, both past and present, and inspiring the next generation to see buying and selling secondhand as something just as normal as shopping first hand. Together, we can be front-runners in making secondhand fashion a 100% natural part of the fashion industry, transforming the narrative surrounding fashion and secondhand fashion and joining them as one,” he added.