In a significant move within the European fashion e-commerce sector, Berlin-based Zalando has announced plans to acquire its competitor, About You, from the Hamburg-based Otto Group. The proposed transaction values About You at approximately €1.13 billion, with Zalando offering €6.50 per share—a premium of about 67% over the recent closing price.Â
About You, founded in 2014 as a subsidiary of the Otto Group, has grown into a prominent online fashion retailer, operating in 29 European countries and generating revenues of €1.9 billion in the 2022/2023 fiscal year. The company’s major shareholders, including the Otto family, which holds a 64.7% stake through the Michael Otto Foundation, as well as the company’s founders and executives, have agreed to sell their shares to Zalando.Â
Zalando, a leading player in the European online fashion market with over 50 million customers, aims to strengthen its position through this acquisition. The company plans to combine its resources with About You to better serve customers and partners, thereby expanding its share of the European fashion and lifestyle e-commerce market.
This acquisition marks a significant consolidation in the European online fashion industry, as Zalando seeks to enhance its competitive edge against global giants like Amazon. The transaction is subject to regulatory approval and is expected to be completed in the coming months.
