• Home
  • News
  • Business
  • Bestseller’s CEO invests double-digit million sum in fellow Danish Miinto

Bestseller’s CEO invests double-digit million sum in fellow Danish Miinto

By Angela Gonzalez-Rodriguez

loading...

Scroll down to read more

Anders Holch Povlsen, the sole owner of Danish online retailer Bestseller, has acquired the also Danish online fashion platform Miinto Group.

The final amount remains unveiled although sources close to the matter estimate the price tag came in within the double-digit million range.

As explained by both companies in a corporate release, most of the investment will be used for creating more awareness and for developing on new digital solutions.

On a structural level, Miinto has stated that the majority share won’t change the concept or company “that will continue as is”. Povlsen, whose parents founded the fashion chain Bestseller, is said to now own between half and two-thirds of shares of Miinto, reports Reuters. Povlsen has a healthy and diversified fashion investment portfolio, with substantial stakes in other European online stores, such as Zalando, Nemlig, Whiteaway Group, Stylepit and Asos.

“The investment from Anders Holch Povlsen allows us to make consumers aware of our brand and our concept, which is based on local online shopping, to a greater extent”, CEO and co-founder Konrad A. Kierklo explains. “It requires that we pull together, and with this investment we are to an even greater extent able to provide consumers with an alternative to the international online stores.”

Miinto, founded in 2009, connects products from over 1,000 physical retailers with online fashion shoppers. According to the company, Povlsen acquiring the majority stake will lead to further growth, but also means promising time for many partners.

The company, active in Denmark, Sweden, Norway and the Netherlands, wants to utilise the new capital to push “The optimisation of the Miinto platform to respond event better to consumer demands will now be accelerated, parallelled with a clear priority on consumer awareness of the Miinto brand.”

Bestseller
Miinto