Zalando promises to overtake H&M and Ikea
In a document meant for investors, Zalando’s parent company promised future investors that the German retail site will ‘take down’ H&M and Ikea.
The document, leaked in Germany publication Manager magazine, stated that Indian steel magnate Lakshi Mittal had invested five million euros in Rocket Bigfoot. Other to have pitched in so far are Kurt Rudolf Schwarz, heir to German pharmaceutical giant Schwarz with 10 million euros, Ukrainian billionaire Victor Pinchuk with 15 million euros and Colombian financial manager and beer magnate Alejandro Santo Domingo who invested 25 million euros.
Rocket, Zalando’s parent company, is aiming to raise funds in order to finance different subsidiaries in Latin America, India, Russia and the Middle-East. To raise interest in the investment, the Samwer brothers promise to take down the competition, including Swedish retail giants H&M and Ikea.
Starting a footwear e-retailer, Zalando quickly expanded its product offering to include fashion and has since launched its own clothing brands. In March, the company announced the launch of Kiomo, a brand set to target the same customers as Zara and H&M. The group reported revenue of 1.5 billion euros in 2012, split equally across Germany, Austria and Switzerland.
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