Overview
The Berlin-based Zalando (OTCMKTS: OTCPK:ZLNDY) presents an interesting investment opportunity in the fashion eCommerce space. With €8.2 billion GMV (Gross Merchandise Value) as of 2019, it is the current market leader in Europe. The executive team, which still consists of the co-founders, has also executed very well. The company consistently grows its top-line by +20% while maintaining strong unit economics. Going forward, we see various opportunities the company can tap into to achieve its €20 billion GMV target in three years. In particular, we expect the Partner Program strategy to be the key