Zalando says the deal will assist it to construct a pan-European e-commerce platform.
Germany’s on-line retailer Zalando mentioned on Wednesday that it had agreed to purchase rival vogue group About You for round €1.1bn.
Zalando mentioned it could provide €6.50 for every About You share, a premium of 67% on Tuesday’s closing value.
It additionally represents a 107% premium on About You’s three-month common inventory value.
About You’s administration and main shareholders, representing 73% of share capital, have agreed to promote their stakes – based on Zalando’s press assertion.
The transaction is anticipated to shut in summer time 2025, topic to regulatory approvals.
About You, which was based in 2014, counts greater than 12 million lively prospects and shares roughly 4,000 manufacturers
Wednesday’s assertion famous that About You appeals to a “younger vogue viewers” and is subsequently extra “style-led” than Zalando – which tends to be extra “brand-led”.
Zalando add that the “complementary strengths” of the 2 companies would “seamlessly align to ship a complete and optimised provide for shoppers” throughout Europe.
Over the long run, the method of mixing operations is anticipated to generate about €100m a yr in cost-savings.
Shares in Zalando had been down greater than 6% in every day buying and selling at round 10h15 CET.
About You shares had been up round 63%.
