Zalando, Europe's leading online fashion retailer, buys Hamburg competitor About You for 6.50 euros per share. The offer values the company at a total of 1.13 billion euros, which is about two-thirds above the last closing price. The Otto Group, previously the largest shareholder, as well as co-founder Benjamin Otto and the management team, have already agreed to sell their shares. This secures Zalando 73 percent of About You shares.
The acquisition comes at a time when the fashion industry is characterized by bankruptcies and structural upheavals. Zalando and About You want to join forces and aim for an adjusted EBIT margin of 10 to 13 percent — a significant increase compared to Zalando's previous 4.0 percent in the first nine months of 2024.
About You was brought to the stock exchange by the Otto Group three and a half years ago, at that time at an issue price of 23 euros per share. With the takeover by Zalando, Otto says goodbye to one of its showcase companies. In addition to the retail business, Otto remains a significant player in e-commerce with the parcel service Hermes, among others.
