By Reuters Staff
3 Min Read
BERLIN (Reuters) - German online fashion retailer Zalando said it aimed to capture more than 10% of the 450 billion euro ($537 billion) European fashion market in the longer term after coronavirus lockdowns supercharged its growth in 2020.
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It said its target was for gross merchandise volume (GMV) - sales on its site made by the company or its partners - to exceed 30 billion euros by 2025, almost triple the 10.7 billion euros in 2020.
It outlined its plans after saying net profit more than doubled in 2020 to 226 million euros and announcing 2021 revenue forecast well above market projections.
Founded in Berlin in 2008, Zalando has grown into Europe’s biggest online-only fashion retailer. It plans to expand into six markets in 2021 and two more in 2022, all in eastern Europe.
By Reuters Staff
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