Secondhand fashion marketplace Vinted wants to acquire competitor Rebelle. The company offered 30,2 million euros for the acquisition. The deal received a positive response from commission members and shareholders of Rebelle.
Vinted is an online platform to buy and sell pre-owned clothing, which was founded in Lithuania. Rebelle is also a secondhand fashion marketplace from Germany, offering mostly luxury brands. Vinted has been expanding its business recently, launching a logistics arm and online shipping platform. At the start of this year, Rebelle went public, valued at nearly 60 million euros.
Over 90% of shares
Vinted released the news in a press release. For the takeover, Vinted offered 1,35 euros per share. With 22,4 million shares of Rebelle, this comes down to a total of 30,2 million euros.
Vinted offered 30,2 million euros with 1,35 euros per share.
The company says it wants to own over 90 percent of Rebelle’s shares as part of the deal. An appointed committee of Rebelle responded positively to the offer, according to Vinted, as well as shareholders that collectively represent 65 percent of shares.
‘Increasingly competitive landscape’
In a separate press statement, Rebelle’s committee says ‘it would be possible to realise its long term strategy on a stand-alone basis’. However, this would require consolidation, mergers and acquisitions in an ‘increasingly more competitive business landscape for online second hand fashion marketplaces’.
“The committee recommends Rebelle to accept the offer.”
The committee writes: “(…) in particular in relation to the Offers immediate benefits of a cash consideration in the short term, the Independent Committee unanimously recommends the shareholders of Rebelle to accept the Offer.”
Rebelle to remain separate platform
With a possible takeover, Vinted is planning a combination of both organizations. This means Rebelle will remain a separate platform with existing management and employees staying on. The exact plans will form once the deal is accepted, though. The proposition expires on the 19th of August.
“Combining Rebelle’s expertise and Vinted’s reach.”
“As an industry peer, we have followed Rebelle for many years and are impressed with their offering and what they have achieved in the luxury segment,” says CEO Thomas Plantenga of Vinted. “By combining Rebelle’s expertise in this segment with Vinted’s geographical reach and large member base, we see great potential to create a strengthened value proposition for consumers, and ultimately support increased uptake of second-hand.”
Vinted currently has over 65 million members and operates in 16 markets in Europe and North America.