Online fashion platform About You is experiencing rapid growth and is currently preparing a stock market flotation.
Converting to PLC
CEOs Tarek Müller, Hannes Wiese and Sebastian Betz have set out the course for an initial public offering of the company, German WirtschaftsWoche writes. The holding company of the Hamburg-based e-tailer has been converted into a public limited company, and an initial supervisory board was installed at the same time. These two steps are necessary for an IPO.
Sebastian Klauke heads the new supervisory board. Klauke is a board member of Otto Group, the majority shareholder of the online store. Petra Scharner-Wolff, CFO of Otto Group, is also a member of the supervisory board.
About You has been considered as a stock market candidate for some time. In terms of growth rates, the start-up even leaves behind major competitor Zalando. In the 2020-2021 financial year that just ended, About You achieved a turnover of 1.2 billion euros, 60 % more than in the previous year. There is no profit yet, but net losses did fall from 8.7 to 5.3 million euros.
