Otto aims to make 8 billion in online sales by 2015
German retailing giant Otto is looking to hit 8 billion euros in online sales by 2015 following a reported 5.7 billion for financial year 2012, closed on 28 February.
In Germany, sales rose to 3.7 billion euros for 2012/2013. Outside of the company’s domestic market, France and the United States generate the largest sales figures.
In the coming year, Otto is looking to invest 300 million euros in internet pure-players and multichannel retailers.
Early 2014 will see the launch of a new and innovative e-commerce business model mamed Project Collins, aimed at women aged between 20 and 25. The site will offer products from the fashion and homeware segments, although more precise information is yet to be disclosed. The project is being lead by Benjamin Otto, son of entrepreneur and Supervisory Board Chairman Dr Michael Otto.
Since 2008, Otto – who has a portfolio of 60 e-commerce sites – has invested in 12 Russian and 7 Brazilian start-ups. Based in Hamburg, the Otto group (Otto, Quelle, 3 Suisses, Bauer etc.) has seen revenue grow by 2% this year to 11.8 billion euros, 57% of which was online.
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