Zalando’s Equity Story – Why to invest?

We focus on profitable growth

Our highly attractive financial profile combines massive scale, strong growth and proven profitability - and the European fashion market is a 500 billion EUR opportunity, yet only 30% of purchases are made online today. Since the IPO, we have enjoyed substantial growth and Zalando is now widely regarded as THE major success story in European e-commerce. Since our IPO in 2014, we have delivered strong top line growth at an annualized rate of 18% to reach 17.6 EUR billion of GMV in 2025 - representing a market share of ~3.5 percent. At the same time, we generated attractive levels of profitability through the cycle. Moving forward, we aim to cover with both our segments the equivalent of more than 15 percent of the European fashion market.

Building the technology platform that powers our business across B2C and B2B

We have the richest fashion-specific data and infrastructure in Europe. This includes over a million body measurements, billions of customer interactions, and deep product intelligence across 29 markets. We combine this data with Europe's leading fulfilment network, our powerful in-house payments platform,  unparalleled brand relationships and our proprietary and scalable tech stack. This is our genuine competitive advantage and we are using this powerful engine to successfully execute on our strategy.

In B2C, we offer three distinct apps where consumers discover, explore, and buy from the brands they love. We create experiences that feel personal and inspiring. This relevance with customers makes us essential for brands. They join us to offer their best assortments and stay to use our B2B services, powering their business both on and off Zalando across the complex European market. By sharing our infrastructure and capabilities, we provide our partners with an operating system to overcome these complexities and effectively build and scale their digital business.

And at its core, our business runs on a virtuous cycle. And as both B2C and B2B scale, we collect even deeper insights and more data points. For customers, this means a business that truly understands their needs; for brands, it means a more profitable and efficient way to grow; and for Zalando, it builds a technology and infrastructure advantage that is impossible to replicate. AI is supercharging our data and infrastructure, allowing us to drive both growth and efficiency by helping customers to find the perfect fit, automating warehouse operations and accelerating software development.

Highly attractive financial profile

Our opportunity in Europe remains massive and we have the clear ambition to deliver strong growth while continuing our margin expansion towards our long-term target of 10-13% adj. EBIT margin (in % of revenue). At the same time, we will demonstrate strong cash generation which gives us financial flexibility to invest in organic and inorganic value accretive opportunities for our Company and shareholders.