Wednesday, November 22, 2017

Bestseller owner takes stake in Zalando

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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.