Zalando aims for more than 10% of Europe fashion market

Zalando aims for more than 10% of Europe fashion market

News: Zalando aims for more than 10% of Europe fashion market.

BERLIN (Reuters) – German online fashion retailer Zalando aims to capture more than 10% of the European fashion market worth 450 billion euros (537 billion US dollars) in the longer term after the coronavirus lockdown accelerated its growth in 2020.

It has set a new target for Gross Goods Volume (GMV) – sales on its site alone or by partners – over 30 billion euros by 2025 after it was announced on Monday that the sales forecast for 2021 was well above market forecasts.

Zalando was founded in Berlin in 2008 and has grown into Europe’s largest online fashion retailer, selling clothing, accessories and beauty products in 15 markets.

Shares, which are down 5% this year as coronavirus restrictions were expected to be lifted and Swedish investment firm Kinnevik decided to distribute their stake, rose 4.4% in early Frankfurt trading.

Zalando expects GMV to grow by 27 to 32% to 13.6 to 14.1 billion euros in 2021, which is above the average analyst expectations of 25%.

GMV rose by around 50% in the first quarter, marking an “extraordinarily strong start to the year,” said Zalando.

After co-managing director Rubin Ritter announced plans to leave the company in December, Zalando said founders Robert Gentz ​​and David Schneider would continue to run it.

After criticism that the top management team was all male, Zalando said it had appointed Astrid Arndt to a new position as Chief People Officer on Monday.

In addition, a new role as Chief Business and Product Officer has been created for the current Chief Technology Officer Jim Freeman will take over.

($ 1 = 0.8387 euros)

Reporting by Emma Thomasson; Editing by Riham Alkousaa and Jason Neely

Original Source © Reuters

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