Bestseller owner Anders Holch Povlsen has taken a 10 per cent stake in the German online fashion retailer Zalando.
In a statement, Zalando said that Holch Povlsen had acquired shares from several early-stage shareholders, including European Founders Fund, Holtzbrinck and Tengelmann, which have all retained shares in the business.
David Schneider, co-founder and managing director of Zalando said: “Bestseller and Zalando have been working together very successfully for several years. Anders Holch Povlsen has been following Zalando’s development very closely and he knows our strengths.”
“This is an important step in the strategic development of our shareholder structure. Anders Holch Povlsen will be a strong and long-term-oriented shareholder and together we want to design the future of fashion e-commerce,” added Zalando managing director Rubin Ritter.
Founded in 2008, Zalando now has 15 million customers and in 2012 achieved revenues of over £1.15 billion. The experienced fashion entrepreneur Holch Povlsen is worth £2.5bn according to Forbes and is the third richest man in Denmark.
Bestseller owns a stake in Zalando rival Asos and is a leading European fashion company behind brands such as Jack & Jones, Vero Moda, Junarose and Selected.