Bestseller owner Anders Holch Povlsen has bought a 10% share in German etailer Zalando.
Holch Povlsen, who set up Danish brand house Bestseller, which owns 16 labels such as Jack & Jones, Vero Moda, Only and Selected, has acquired shares from venture capitalist funds including European Founders Fund and Holtzbrinckand retail group Tengelmann.
It has not been disclosed how much he paid for the 10% share.
Zalando, which was founded in 2008, turned over €1.15bn (£989m) in 2012, breaking even its core territories of Germany, Austria and Switzerland. For the first quarter of this year net revenues were €372m (£320m), a 74% increase on 2012.
Rubin Ritter, joint managing director of Zalando, said: “This is an important step in the strategic development of our shareholder structure. Anders Holch Povlsen will be a strong and long-term-oriented shareholder and together we want to design the future of fashion e-commerce.”
David Schneider, co-founder and managing director of Zalando, added: “Anders Holch Povlsen has been following Zalando’s development very closely and he knows our strengths.”
Bestseller also spotted the early potential in etail giant Asos, in which it holds a 28% stake.