Vinted(opens in new tab), Europe's leading online consumer-to-consumer marketplace dedicated to pre-loved fashion, is using Oracle NetSuite to support its mission to make second-hand the first choice. With NetSuite, Vinted has been able to take advantage of an integrated business system to consolidate financial processes, enhance operational consistency across multiple entities, and improve data visibility throughout its departments.

Founded in Lithuania in 2008, Vinted was born with a simple idea to help people find a new home for unwanted clothes. Since its founding, Vinted has grown to become a European leader, with millions of members across over 20 markets. During this expansion, it became increasingly important for Vinted to streamline its financial management, as it relied on eight disconnected accounting applications, making it challenging to achieve a cohesive and integrated view of its financial data. To address this challenge and establish a scalable platform to support its growth, Vinted selected NetSuite as its enterprise resource planning (ERP) system.

“Vinted is committed to innovation and finding ways to make second-hand the first choice and empowering its members to buy and sell second-hand items,” said Ieva Karklytė, finance systems team lead, Vinted. “With NetSuite, we can access data at a granular level, better understand our data flow and have a reliable tool that can handle Vinted’s expansion.”

With NetSuite, Vinted has a scalable financial system to consolidate and automate its global financial operations. NetSuite has played a significant role in reducing Vinted’s year-end audit timelines by 70 percent, gaining a more accurate view into its cash flow, and precisely tracking the value of its assets over time. In addition, NetSuite OneWorld has helped Vinted streamline its tax, reporting, and currency processing requirements across its multiple international subsidiaries. To further enhance its financial processes, Vinted uses NetSuite to manage internal spend controls, handle bank reconciliations, and create reports for investors and stakeholders. Vinted has partnered with NetSuite Advanced Customer Support (ACS) to extend and adapt its use of the suite, optimise system performance, and help prepare for new release updates.

“The second-hand clothing market is booming and Vinted is leading the way in giving a new life to fashion items,” said Nicky Tozer, senior vice president, Europe, Middle East and Africa (EMEA), Oracle NetSuite. “With NetSuite, Vinted has been able to increase visibility across its global operations and establish a scalable foundation for growth.”

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About Oracle NetSuite

For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than customers in countries and dependant territories.

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Contact Info
Samuel Jamieson
PR Manager, EMEA
+44 (0)7468 752231
samuel.jamieson@oracle.com