CMA Puts Vinted At 50-60% Of UK C2C Apparel GMV As eBay, Depop Lost Share
Vinted captured an estimated 50-60% of UK consumer-to-consumer online apparel GMV in 2025, up from just 5-10% in 2021, according to newly published figures from the UK Competition and Markets Authority.
Over the same period, eBay fell from 30-40% to 10-20%, while Depop dropped from 10-20% to 0-5%, leaving their combined estimated share at just 10-20% in 2025 compared to 40-50% four years earlier.
The figures were included in the CMA's full decision clearing eBay's acquisition of Depop, published July 17.
The estimates are based on GMV from paid transactions by sellers located in the UK, using data submitted by eBay and Depop. The CMA said those estimates appeared broadly consistent with competitor GMV where available. A separate cross-check using estimates requested directly from a competitor produced notable differences, but the regulator said they were not sufficiently material to affect its assessment.
Vinted was the largest supplier in 2025, followed by eBay, Facebook Marketplace and Depop.
Note: The CMA says eBay's underlying 2021 GMV data excludes everyday sneakers and handbags because it could not distinguish them at the time from the high-value sneakers and luxury handbags excluded from the analysis. Some numbers in the CMA's published decision have also been replaced by ranges.
Vinted's share increased in every year from 2021 through 2025. Evidence submitted to the CMA also indicated the overall UK C2C online apparel market grew approximately 50-60% over the same period.
The CMA's competitive assessment focused on C2C online marketplaces for apparel in the UK, excluding high-value sneakers and luxury handbags as well as broader business-to-consumer marketplace sales. But even within that narrower frame, the shift is striking.
The CMA found network effects represent a material barrier to entry and expansion, but said cross-listing, use of multiple platforms and growth in the overall market can partially offset those barriers, pointing to Vinted's rise as an example.
The regulator placed limited weight on static market shares because the platforms differ in areas including fee structures, listing and transaction mechanics, integrated services and user experience. It nevertheless said eBay and Depop's declines were indicative of weakening competitive strength over time.
Internal documents reviewed by the CMA showed Vinted was the closest and strongest competitor monitored by both eBay and Depop, with particular attention paid to its free-to-sell model and large marketing investments. The regulator said both companies responded directly to Vinted's expansion, including by removing seller fees, while third parties said platforms across the market had adjusted fee structures in response.
eBay eliminated selling fees for UK private sellers of pre-owned fashion in April 2024 before extending fee-free selling across most private seller categories that October.
Depop removed its 10% UK selling fee for new listings in March 2024 and shifted more of its monetization to buyers. Vinted similarly charges no fees for uploading or selling items, with a Buyer Protection fee automatically applied to purchases made through the Buy now button.
The CMA's decision ties those changes more directly to Vinted than the companies did publicly at the time.
The regulator also found Etsy and Depop had been considering since at least mid-2024 whether to maintain their investment in the UK business, including because of Vinted's rise. Before eBay's acquisition was contemplated, they decided to materially reduce future UK investment.
The CMA said Depop would likely exert a weaker competitive constraint on eBay than even its 0-5% share suggested. That declining position was one factor in the regulator's decision not to refer the deal for a Phase 2 investigation. eBay completed the acquisition July 30.
When the deal was announced in February, eBay highlighted a different part of Depop's business, pointing to nearly 60% year-over-year growth in the US and approximately $1 billion in 2025 GMS. eBay said fashion represented more than $10 billion in annual GMV and grew 10% in the US last year. Neither figure breaks out C2C GMV separately.
In Q2, eBay said core C2C GMV grew more than 20% year over year, with double-digit growth in US consumer sellers and supply and the strongest UK C2C GMV growth in many years outside the pandemic.
Vinted reported €10.8 billion in global GMV for 2025, up 47% year over year, while revenue increased 38% to €1.1 billion. Net profit fell 19% to €62 million as Vinted invested in Germany, category expansion, Vinted Go and Vinted Pay. An €880 million secondary share transaction in April valued Vinted at €8 billion, up from €5 billion in 2024.
As Value Added Resource previously reported, Vinted began rolling out in Australia in June before its official July 1 launch with zero seller fees, integrated payments and prepaid Australia Post shipping. It also connected Australian and UK users through an international shipping corridor, giving the new market access to inventory from Vinted's established UK user base.
Liz Morton
Two days after Vinted's official launch, Depop announced it would eliminate selling fees for Australian sellers from July 22 and introduce a buyer Marketplace Fee of up to 5% plus up to A$1. Depop did not link the change to Vinted, but did say it was investing in one of its fastest-growing markets and that similar fee removals in the UK and US had increased listings 30-45% in the 28 days after the changes compared with the preceding 28 days.
eBay has been shifting its Australian C2C model as well, introducing fee-free selling for eligible Australia-based sellers with A$25,000 or less in eBay sales over the past 12 months alongside Buyer Protection Fees and generally requiring eBay-purchased labels for eligible items.
The company also owns Tise, a secondhand fashion marketplace that expanded into Australia earlier this year.
Liz Morton
Vinted has operated in the US for years but stepped up its expansion effort in January with a New York-focused campaign using the same zero-seller-fee model it operates in Europe.
Vinted
Appfigures estimates Vinted generated 1.2 million US downloads in April, slightly ahead of Depop's 1.1 million for the month. Depop still led from January through April with an estimated 3.9 million downloads compared to 2.6 million for Vinted, but Vinted's total was up from just 286,000 in the same period last year.
Depop already operates without selling fees in the US, having removed them in July 2024 while introducing a Marketplace Fee for buyers. In March, eBay offered invited US sellers zero Final Value Fees on up to 25 sales in Clothing, Shoes & Accessories, Baby, Home Décor and Jewelry & Watches.
The limited promotion came less than two months after Vinted announced its New York expansion, though eBay did not say the two were connected.
Liz Morton
CEO Jamie Iannone had previously told investors eBay had no plans to bring its UK free-selling model to the US, saying the US was a different market and buyer fees were more standard in the UK. The March promotion stopped well short of a broader fee change, but showed eBay was willing to temporarily waive seller fees in several categories. On the Q2 earnings call, Iannone reiterated that eBay has no current plans to change its US fee structure, while noting Depop already operates with a buyer-fee model.
eBay has specifically highlighted Depop's US momentum and plans to invest in full-funnel marketing and shipping incentives intended to lower buyers' total purchase costs and improve conversion.
Vinted CEO Thomas Plantenga has been more cautious about the US, saying early-stage testing has been encouraging but acknowledging that whether the company can “actually compete and win in that market is a very big question.”
