The billionaire who is the largest shareholder in UK online fashion phenomenon Asos has acquired a stake in Germany's internet equivalent Zalando.
Anders Holch Povlsen controls 27 per cent of Asos through his Bestseller fashion supply and retail business which operates brands including Jack & Jones and Vera Moda.
Holch Povlsen has acquired 10 per cent of Zalando from existing shareholders including European Founders Fund, Holtzbrinck and retail conglomerate Tengelmann. The sellers were all founding shareholders and will continue to retain stakes.
The price paid for the shares was not disclosed. But Zalando's largest shareholder Kinnevik said in June that it had bought an extra 3.5 per cent for €100 million. It's stake is 37 per cent.
Zalando chief executive Rubin Ritter told Bloomberg Holch Polvsen would treat the investments 'very separately'.
'My reading of it is that he is a great believer in fashion ecommerce. There's nothing about combining' the businesses, he said.
One analyst said the acquisition of shares in Zalando and Asos would 'improve Bestseller's presence in these markets and strengthen the company's wholesale business'.
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