Showroomprivé closed 2025 with a €31m net loss on revenue of €559m, 13.5% lower than the year before. A flash-sale operator that once monetised brand surplus is now paying to clear it. The format has not failed because Showroomprivé ran it badly; it has failed because cheaper operators run discount better.

GMV fell 10.6% to €893m, EBITDA landed at -€27.7m, and the company has pushed €40m of bank debt out by two years under a January conciliation protocol. Inventory came down 29% to €52m, on the way to absent. That last line is housekeeping conducted in public, and it is the most telling number in the file.

Outside the file, Vinted topped France’s textile rankings in 2025, ahead of Amazon, Kiabi, Shein and Zalando, per Institut Français de la Mode data. Shein and Temu held France’s price floor at roughly €9 a unit. Showroomprivé cannot meet that floor without surrendering its own gross margin, and it cannot stay above it without conceding the discount shopper. The price it was built to beat is no longer the price.

Pan-European flash needed scale to bargain with brands; competition has since moved sideways into formats that do not bargain. Vinted owns the wardrobe consumers already paid for. Shein owns the factory. TikTok Shop owns the feed. None of the three needs Showroomprivé’s negotiated discount to be cheap, and none of them carries the inventory risk Showroomprivé still does.

David Dayan calls the next phase a “profound transformation” toward a “more profitable media commerce model”; up to 121 jobs, eleven percent of headcount, will be cut in Q2. A flash-sale company turning into a media-commerce company is announcing that it intends to sell attention rather than clothes. Whether attention pays where surplus has stopped paying is the question for 2026.