German online retailer Zalando intends to acquire fashion retail platform About You. Both companies are prominent in Europe.
Zalando aims to enhance growth by combining efforts in software, logistics, and payments. The plan is for both brands to remain intact.
Zalando serves approximately 50 million active customers, while About You has around 12 million, targeting a younger and trend-focused audience, as stated in a press release by Zalando. Robert Gentz, Zalando’s co-CEO, expressed enthusiasm about capturing a larger share of the fashion and lifestyle market together.
About You plans to recommend shareholders accept the offer. Tarek Müller, co-CEO of About You, noted that both brands address distinct customer needs.
The merger is expected to create something unique, according to Müller. Zalando was founded in Berlin in 2008.
Source: NOS