Germany-based internet clothes shop Zalando, backed by Tengelmann’s corporate venturing unit and other corporate-linked groups, is reportedly planning to double the number of countries in which it does business this year.
The shoe and clothes internet group is set to expand from seven to 14 countries, news provider Financial Times said.
In February, the shoe and clothes retailer raised an undisclosed sum selling a 4% stake to DST Global, the venture fund of Russian businessman Yuri Milner. Its other investors include Tengelmann Ventures, Holtzbrinck Ventures, the former corporate venturing unit of Georg von Holtzbrinck Publishing Group, investment firm Kinnevik, Rocket Internet, run by German businessmen the Samwer brothers, the FT said.
The company is modelled on US-based internet retailer Zappos, the FT said.