Zalando Reports Positive Start to 2019, But Doubts Linger
Zalando, Europe’s largest online fashion retailer, reported positive results for the first quarter. Revenues rose 15.2 percent to 1.4 billion euros, resulting in earnings before interest or taxes, or EBIT, of 6.4 million euros. That equals a comparatively modest increase in EBIT of 0.5 percent. At a press conference revealing the results, company bosses Rubin Ritter and David Schröder said they were satisfied with the numbers and confirmed that Zalando was on track to fulfill expectations for the year. The company also celebrated a 14.1 percent rise in customers, to 27.2 million, and an increase in website visits of 29.5 percent, to more than 900 million. That further cements Zalando’s position as Europe’s most popular online fashion destination, more popular even than well-known companies like H&M, Zara and Adidas. It also bodes well for the German giant’s oft-stated aim of shifting away from wholesaling to becoming more of a platform for other apparel companies. “We want to move from a wholesale world, where Zalando defines the assortment, to a world where the brands are in the driver’s seat,” reiterated co-chief executive officer Ritter. By 2023, Zalando wants to have 40 percent of its business devoted to its “Partner Program” and become a one-stop online
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