Zalando, founded in 2008 as a shoe retailer, but now mainly selling clothing, is active in most of Europe. Among the EU countries, only Portugal, Malta, Bulgaria and Greece have to do without the services of an online store. Additionally, Zalando is also active in the United Kingdom.
On the road to America, Zalando initially looks at the populous and wealthy Northeast. The web store will be ready to invest more than 100 million euros in its US projects. The program is led by Jim Freeman, who holds the title of Chief Commercial and Product Officer. The American previously worked for Amazon for several years.
Projects may be delayed due to economic conditions. In a recession, consumers don’t want to spend more money on clothes. In the first quarter, Zalando already noticed the effects of high inflation due to falling turnover. In late June, the company even issued a profit warning.
Zalando’s share price has fallen by more than two-thirds since the middle of last year. As a result, online shopping is now worth less than 10 billion euros, compared to nearly 27 billion euros in July last year.
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