German e-commerce giant Zalando snaps up local rival
The Peninsula
Frankfurt, Germany: German online fashion retailer Zalando said Wednesday it would acquire local rival About You for 1.1 billion euros ($1.2 billion)...
Frankfurt, Germany: German online fashion retailer Zalando said Wednesday it would acquire local rival About You for 1.1 billion euros ($1.2 billion) to create a European platform that can better compete with Chinese e-commerce giants.
Berlin-based Zalando plans to submit a bid for the move, and About You said it would recommend that its shareholders accept the offer.
"Zalando and About You agreed to team up to better serve the needs of customers and partners through their combined and distinct... offerings," the firms said in a joint statement.
This will "enable the combined group to cover a larger share of the European fashion and lifestyle e-commerce market," they said.
Zalando is offering 6.50 euros a share for About You. About You's shares surged 64 percent on the Frankfurt Stock Exchange to 6.40 euros following the news, while Zalando's were down around five percent.
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