May 28, 2014
Zalando adds ex-Telekom CEO to board as changes structure
May 28, 2014
BERLIN, Germany - Europe's biggest online fashion retailer Zalando is appointing the former boss of Deutsche Telekom to its board as well as three employee representatives as it changes its legal structure amid preparations for a possible flotation.
Zalando said former Telekom Chief Executive Kai-Uwe Ricke would join the company's supervisory board, along with employee representatives Christine de Wendel from France, Christoph Stark from logistics and fashion buyer Benjamin Kruemel.
Ricke, 52, was Telekom CEO from 2002 to 2006 and is a board member at United Internet. He replaces temporary member Martin Weber, a partner at Holtzbrinck Ventures, an early investor in Zalando.
Zalando, which changed its legal structure in December to one typically used by German listed companies, is now registered as a Societas Europaea (SE), it said on Wednesday, a structure which it said better reflected its international approach with over half its revenues now coming from outside Germany.
A spokesman said the change had no bearing on a possible stock market listing for Zalando, which he reiterated was among a number of options the company is considering for the future.
Reuters reported earlier this month that Zalando has picked banks to organise what could be Europe's biggest technology offering since 2000, citing people familiar with the plans.
Zalando has said it is getting closer to making a profit after it improved the efficiency of its warehouses and marketing and saw good sales of spring/summer collections.
Figures from Zalando's biggest investor, Swedish firm Kinnevik, value the company at more than $5 billion, but analysts suggest it could be worth as much at $9 billion.
The Berlin-based retailer, whose rivals include Britain's ASOS Plc, started selling shoes in Germany in 2008 and has expanded to 1,500 different brands in 15 countries.
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