Second-hand clothes giant, Vinted, has made a profit for the first time.

The digital platform, which has expanded rapidly across Europe, is the first of the 'pre-loved' clothing apps to move into the black, as reported by the BBC.

It made a profit of €17.8m in 2023, compared to a loss of €20.4m (£17.4m) in 2022, and sales were up 61% to €596.3m (£509m) for 2023.

The company has expanded into new markets, including Romania, Denmark and Finland, and has also accelerated the development of Vinted Go - its own delivery service.

Vinted and rival Depop have been taking market share away from eBay in second-hand clothing, particularly appealing particularly to Gen Z shoppers.

The trend for pre-loved clothing has been boosted by awareness of the fashion industry's often poor sustainability credentials, combined with the cost-of-living crisis.

But the second-hand market is still very small compared to fast fashion and the new clothing market, making it hard for Vinted, with low prices and no seller fees to make a profit.