CEO Danish retailer Bestseller acquires Miinto
Anders Holch Povlsen, the sole owner of Danish online retailer Bestseller, has invested a double-digit million-euro sum in Miinto Group, a Danish platform that hosts 20,000 brands on one online platform. Most of the investment will be used for creating more awareness and for developing on new digital solutions.
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Miinto shared the news today, stating that the majority share won’t change the concept or company “that will continue as is”. Povlsen, whose parents founded the fashion chain Bestseller, is said to now own between half and two-thirds of shares of Miinto. Povlsen already has substantial stakes in many European online stores, such as Zalando, Nemlig, Whiteaway Group, Stylepit and Asos.
Miinto, founded in 2009, connects products from over 1,000 physical retailers with online fashion shoppers. According to the company, Povlsen acquiring the majority stake will lead to further growth, but also means promising time for many partners.
‘Offer alternative to the international online stores’
“The investment from Anders Holch Povlsen allows us to make consumers aware of our brand and our concept, which is based on local online shopping, to a greater extent”, CEO and co-founder Konrad A. Kierklo explains. “It requires that we pull together, and with this investment we are to an even greater extent able to provide consumers with an alternative to the international online stores.”
Miinto already focused more on technology and marketing, which also reflected in the number of employees that doubled in both departments, during the past year. But with the new investment, the company that’s active in Denmark, Sweden, Norway and the Netherlands wants to further strengthen these areas. “The optimization of the Miinto platform to respond event better to consumer demands will now be accelerated, paralleled with a clear priority on consumer awareness of the Miinto brand.”