Zalando forms JV with Bestseller to own FashionTrade.com
Online fashion retail powerhouse Zalando has entered into a joint venture partnership with Danish fashion group Bestseller to take ownership of wholesale fashion website FashionTrade.com. The partners have announced a plan to “be at the forefront” of the “Digitisation of the B2B wholesale marketplace”. The site they’re buying was founded in 2015 with the backing of Bestseller. Spokespeople for the company say that, with Zalando onboard, it will be able to transform into an “international leader in B2B fashion marketplaces”.
FashionTrade’s CEO Pernille Geneser said:
“This joint venture is rooted in a vision to digitise the fashion wholesale industry, and we are proud that FashionTrade.com is at the forefront of this change. Bestseller United has offered incredible support and trusted expertise as we’ve launched our business over the past two years.
“We are excited to now have the opportunity to leverage global insights and market leading experience from Zalando. The additional investment will enable us to continue building intuitive, digital solutions that both fashion brands and retailers can use to grow their business in a more cost efficient way.”
Zalando’s co-founder and CEO, David Schneider, said that FashionTrade has great potential, as the wholesale marketplace still relies predominantly on manual processes. He said:
“We see big potential in how FashionTrade can optimise these processes to connect brands and retailers in a simple way. That’s why we decided to invest together with Bestseller United in this smart approach, which will enable the global B2B fashion market to leverage the potential that digitisation and technology has to offer. This investment ties perfectly into our platform strategy, which aims to connect the different players in the fashion industry.”
Dominion holds Zalando in its Global Trends Luxury Fund.
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