Heartland A/S, the investment company owned by Besteller A/S, has acquired a double-digit stake in the German e-commerce platform About You GmbH. The investment is part of a financing round of around 300 million US dollars (approximately 230 million pounds or 227 million euros).
About You was founded in 2014 as a subsidiary of Otto Group, the German company founded in 1949 which is now one of the world’s biggest e-commerce companies, active in 30 countries across Europe, North America, South America and Asia. The Otto Group will continue to be About You’s largest shareholder.
“This investment gives us a unique opportunity to accelerate our efforts to grow our customer base, to gain greater market share and to enter new markets even more rapidly than before”, said Tarek Müller, co-founder and co-managing director of About You, in a statement.
Rainer Hillebrand, Deputy Chairman of Otto Group’s Executive Board, added that Heartland’s investment gives About You “impetus to reach the billion-euro revenue mark”. The company, which sells apparel from over 1,000 brands and counts more than 10 million active users, plans to increase its revenue from 283 million euros to between 450 and 480 million euros in the fiscal year 2018/2019.
Founded in 1975 in Denmark, Bestseller owns more than 20 fashion brands, including Jack & Jones, Only, Pieces and Vero Moda. Its products are sold in over 18,000 points of sale across Europe, the Middle East, North America, Latin America, Australia and India.