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Steel magnate Mittal invests in Zalando's parent company

Steel magnate Lakshi Mittal has reportedly invested €5m (£4.26m) in the parent company of German etailer Zalando.

According to reports, Mittal is one of several to have invested in Rocket Bigfoot, Zalando’s parent company.

Others include Kurt Rudolf Schwarz, heir to German pharmaceutical giant Schwarz who has invested €10m (£8.5m), Ukrainian billionaire Victor Pinchuk with €15m (£12.7m) and Colombian financial manager and beer magnate Alejandro Santo Domingo who invested €25m (£21.3m).

The investments came to light after a document meant for Zalando’s potential investors was leaked to a German magazine.

Zalando’s parent company is thought to be using the investment to finance different subsidiaries in Latin America, India, Russia and the Middle-East.

This is not the first time the Mittal family has invested in a German fashion business. In November 2009 premium German womenswear brand Escada was sold to Mittal’s daughter-in-law Megha Mittal for an undisclosed sum.

In February of this year, Drapers revealed that Zalando was scaling back its UK buying operation with 18 roles at its London head office being placed into consultation.

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