Bestseller owner invests in Zalando

Bestseller owner and fashion entrepreneur, Anders Holch Povlsen, has acquired

 a 10 percent stake in Zalando, Europe’s leading online retailer for shoes and fashion.

The online fashion retailer confirmed that that Holch Povlsen will acquire shares from several early-stage shareholders, such as European Founders Found, Holtzbrinck and Tengelmann.

"Bestseller and Zalando have been working together very successfully for several years. Anders Holch Povlsen has been following Zalando's development very closely and he knows our strengths," said David Schneider, co-founder and managing director of Zalando. "To partner up with such an experienced fashion entrepreneur is amazing for us."

Zalando’s managing director, Rubin Ritter added: "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.”

Founded in 2008 in Germany by Robert Gentz and David Schneider, Zalando offers an extensive selection of footwear and apparel for women, men and children from more than 1,500 different brands.

Following on from its success in the German market, the online retailer expanded into Austria, The Netherlands, France, Italy, Switzerland and the UK, and last year it went live in Sweden, Belgium, Spain, Denmark, Finland, Poland and Norway.