About You has officially confirmed its intention to go public this quarter in Frankfurt. The German online clothing retailer plans to use the proceeds for its foreign expansion and the development of its B2B technology platform.
600 million euros
The Hamburg-based start-up, backed by the mail order group Otto Group, wants to raise at least 600 million euros via a private placement. Both new and existing shareholders' shares would be sold, reports Reuters.
About You wants to invest the proceeds mainly in the upscaling of its international activities and the rollout of its SaaS service. More specifically, this involves cloud services in the fields of technology, media, technical infrastructure and distribution centres, which the company offers to other brands and retailers.
There have been a great many rumours circulating about an imminent IPO for About You. The Zalando competitor achieved a turnover of around 1.2 billion euros in the recently closed 2020-2021 financial year, a 57 per cent increase. The German company also expects growth of 40 to 50 per cent for the current year.