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Zalando has announced it will acquire its German competitor About You. Both platforms will continue to exist separately, but they will integrate behind the scenes.
Already approved by shareholders
Zalando has launched a public takeover bid for the full 100 % of About You’s share capital. It has offered 6.5 euros per share, representing a 12 % premium to the median analyst price. The transaction, which is expected to be completed next summer, already has the backing of major About You shareholders such as Otto Group, the Otto family and Heartland, which together account for 73 % of the share capital.
The group will pursue a dual-brand strategy towards consumers, with About You continuing to focus mainly on young consumers. However, there will be a unified platform for brand partners. About You’s founders and board members – Sebastian Betz, Tarek Müller and Hannes Wiese – will retain their current roles within the combined group. Zalando expects significant long-term EBIT synergies of around 100 million euros a year.
Together, the two fashion marketplaces aim to serve a larger share of the 450 billion euro European fashion and lifestyle market. Soon, the platforms will also move into the United States together, Zalando announced at the press conference. The US is a long-held dream of the company.
