German investment group Rocket Internet has brought yet another one of its ventures to the stock exchange. Following Zalando, HelloFresh and Delivery Hero, it was online furniture store Home24's turn to raise investments for growth acceleration this way.
Worth 800 million euro
Home24 sells cheap design furniture for homes and gardens, accessories and lamps in both its web shop and offline stores. Online, the company is active in Austria, Belgium, Brazil, France, Germany, Italy, the Netherlands and Switzerland; offline there are stores in Berlin, Munich and Vienna. The retailer has expressed its intent to also launch offline showrooms elsewhere.
On its first day, the company reached a market capitalisation of 782 million euro, making it Rocket Internet's most successful flotation so far. Home24 wants to use the earnings of the flotation to convince more people in existing markets and to expand into new markets, CEO Marc Appelhoff said. Moreover, Home24 wants to improve the customers' experience by adding more virtual reality. The company reached a 276 million euro turnover last year and hopes to be out of the red figures in 18 months' time.