Bestseller owner acquires stake in Zalando
In 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.
"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," said David Schneider, co-founder and managing director of Zalando. "To partner up with such an experienced fashion entrepreneur is amazing for us."
Zalando managing director Rubin Ritter added: "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.”
Founded in 2008, Zalando now has 15 million customers and in 2012 achieved revenues of over €1.15 billion.
Bestseller, which owns a stake in Zalando rival Asos, is a leading European fashion company behind brands such as Jack & Jones, Vero Moda, Junarose and Selected.
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