Consumerism is not the same as it was earlier! There is a shift in changing consumer focus as the consumers now prefer high value purchases via internet.
With an intent to tap this segment, Zalando, Europe’s largest online fashion retailer ventures into the luxury apparel segment. This is clubbed with a plan to sell second-hand goods on its platform, making it a ‘starting point’ for the European customers interested in online shopping.
David Schneider, Co-Chief Executive, Zalando expressed “Premium has been our fastest-growing category in the past months, and we see a huge potential to build on that.”
Foraying into the €38 billion premium apparel segment, Zalando focuses on becoming ‘one app that customers use for all their fashion needs.’ By 2023, their website shall double the collections from Moschino and Alberta Ferreti, in terms of offerings.
David Schroder, Chief Financial Officer, Zalando expressed that they are fully prepared at the supply side with their Spring/Summer stock and are ready to tackle any situation that comes there way (with respect to Coronavirus).
The company witnessed a 20 per cent hike in their annual revenue from €173 million to €225 million. At the same time, their customer base equalled to 31 million while orders amplified to 145 million.