Shares in Europe’s biggest online fashion retailer Zalando have enjoyed mixed fortunes on their debut on the Frankfurt stock exchange.
Within the first hour of trading, shares dropped back close to their issue price of 21.50 euros. But they later rose 12 percent, giving the firm a value of around 6 billion euros.
Some analysts have expressed their disappointment as the stock climbed to above 30 euros in pre-market trading. But Zalando’s bosses are more than happy.
“We are super happy. It’s a positive start and when you look at the overall picture and what the team accomplished over the past six years you can only be content. We will invest the money to create better ways for clients to buy shoes and fashion online. This means we will invest in new technologies and better ways to convince clients and to expand,” said Rubin Ritter, Zalando management board member.
Founded in 2008, the company sells shoes, clothing and accessories online and has rapidly expanded from a website focused on the German market to a retail operation with online stores in 15 European countries.