The Ontario Teachers' Pension Plan (OTPP) has acquired a 2 percent stake in Zalando, with an option on another 2 percent. The Canadian fund is joining the group of investors behind the big German-based online retailer of shoes and other fashion products through a capital increase at the same time as Holch Povlsen, owner of the Danish Bestseller group, who is acquiring 10 percent of the shares.
The financial terms of the operation were not disclosed. The biggest shareholder in Zalando is still Kinnevik, a Swedish investment company, with 36.5 percent of the shares. The European Founders Funds controlled by the Samwer brothers, alias Rocket Internet, have 17 percent. Other investors are Tengelmann, Holtzbrinck, Digital Sky Technologies (DST), J.P. Morgan, Access Industries and Quadrant Capital Advisors. A further capital increase of 2 percent is due to follow shortly.
Many of the same shareholders and Kering, parent company of Gucci and other luxury goods companies, are also investors in Dafiti, the Brazilian clone of Zalando, which has collected about €190 million in equity in the past couple of years. OTPP reportedly invested around €52.4 million in Dafiti last month. A group of Mexican shoe manufacturers, the so-called Léon Group, invested €7.5 million in Dafiti around the same time.
Dafiti has customers in Brazil as well as Argentina, Chile, Colombia and Mexico. According to various reports, the company is said to have a market value of €211 million in spite of a loss last year of €56 million on sales of e91.5 million last year.