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By
Reuters
Published
Jul 11, 2013
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Online retailer Zalando not planning flotation

By
Reuters
Published
Jul 11, 2013

MUELHEIM, Germany - German online retailer Zalando is not currently considering a stock market flotation, a major shareholder said on Thursday, cooling speculation it could be gearing up for a share sale as early as 2014.

"An IPO of Zalando is not on the agenda," said Karl-Erivan Haub, chief executive of retailing group Tengelmann, which has a 7 percent stake in Zalando. He added Tengelmann intends to keep its stake.

"Zalando is not in need of capital," Haub said.

Zalando co-founder Robert Gentz had said earlier this year the company would focus in 2013 on achieving profitability in its core markets, amid talk the fashion site could be ready for a listing as soon as next year.

Zalando has been extending its lead over British rival ASOS as Europe's largest online fashion site, expanding from shoes to clothes and now selling over 1,000 brands. It doubled 2012 net sales to 1.2 billion euros ($1.5 billion).

But Zalando, founded in 2008 and whose biggest shareholder with 35 percent is Swedish investment firm Kinnevik, is still loss-making as it spends to boost brand awareness.

ASOS last month reported a 45 percent rise in year-on-year retail sales to 194 million pounds ($302 million) in the three months to May 31.

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