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More than a billion dollars: The Otto affiliate "About You" is the first "unicorn" of Hamburg – it's the name of the few start-up companies, which range from early billions of euros.
The Danish clothing company Bestseller A / S ("Vero Moda", "Jack and Jones") wins as an investor. The Danes are heavily involved in a $ 300 million capital increase by the online fashion industry to help fund its expansion.
How much "About You" belongs to the Danish family in the future remains secret, but they have acquired a "double-digit share". Currently, 450 employees work for the Hamburg-based company. This number is expected to double over the next three years. "The cooperation allows us to expand our customer base, gain more market share and quickly open new markets," said CEO and co-founder Tarek Müller.
The Otto Group, which founded "About You" four years ago as a fashion startup, remains the largest shareholder, but now manages the company as an investment. Benjamin Otto, a member of Otto's board of directors, and his sister remain minority shareholders. "About You" is considered one of the fastest growing fashion technology startups.
The current year's business figure is expected to rise from 283 to 450 to 480 million euros – "About You" is behind "Zalando" the number two in fashion distribution German online.
This article was written by
Stephanie Lamprecht
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