Anders Holch Povlsen, who owns Danish online retailer Bestseller, has acquired the Miinto Group, a Danish online platform with some 20,000 fashion brands' products.
Create more familiarity
It is unclear how much Povlsen will invest, but he will get somewhere between 50 and 75 % of all shares. However, Miinto says this will not change how it works and that the funds will be used to increase awareness for its platform and to create new digital solutions.
"The investment from Anders Holch Povlsen allows us to make consumers aware of our brand and our concept, which is based on local online shopping, to a greater extent. It requires that we pull together, and with this investment we are to an even greater extent able to provide consumers with an alternative to the international online stores", CEO and co-founder Konrad A. Kierklo said.
RTL and Happy Investments also acquired a minority stake in Miinto in July 2016 and all three already joined forces in a joint venture for Miinto's Dutch edition.