Vinted’s £3bn valuation shows demand for second-hand goods is thriving

“People have also been using the pandemic as an opportunity to clear out their own wardrobes,” Stephens adds. With charity shops being forced to shut during lockdowns, consumers have turned to websites and apps such as Depop, eBay and Vinted to upload wares and declutter their homes, potentially spelling trouble for physical outlets. 

The latest £214m cash injection into Vinted, the second hand marketplace, highlights investors’ appetite for the sector. 

“There has been an increasing importance of sustainability in consumers’ minds, which we had seen shifting even before Covid. Now, it is even more front of mind,” says Carolina Brochado, partner and investment advisor to EQT, the cornerstone backer in Vinted’s fundraise. 

“We could also see that particularly for younger generations, they’re much less concerned about newness than they are with things like waste, being smart with their money, and also style and functionality. They don’t really care whether it’s new or not, and they actually find that first hand can be wasteful.

She adds: “I think the most interesting part for us is we think that this market is growing over 40pc year over year and we think it will continue to grow this much for years to come.”