Otto Group’s ecommerce revenue will grow to €7 billion
The Otto Group will raise its ecommerce revenues to almost 7 billion euros in the current financial year. The online retail and services business of the German company grew 615 million euros, which corresponds to a 10 percent growth.
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The Otto Group shared its forecast this week, also sharing that the company’s online business in Germany generated almost 5 billion euros, while also showing growth of almost 10 percent. In some of the company’s business segments, ecommerce revenue developed significantly above the overall market trend.
Ecommerce is still the retail-business driver at the Otto Group. According to the company, the numbers confirms Otto Group’s position amongst the world’s top 5 largest ecommerce players and as the number two in Germany.
“We are very satisfied with this revenue development”, says Dr Rainer Hillebrand, Vice Chairman of the Executive Board Otto Group. “We are seeing high double-digit growth in numerous Group companies and have already implemented the digital transformation here very successfully. In other companies there is still work to be done, however. We know that we need to deliver maximum commitment to remain able to satisfy our customers’ demands and constantly renew their loyalty towards us.”
About Otto Group
The Otto Group is a family-owned company that was founded in 1949. It started as a mail order company, but shifted into ecommerce and now operates over 60 websites worldwide, while its main focus remains in Germany. Hermes is Otto’s logistics business and delivers for both companies of Otto and competitors. Other Otto businesses are Bonprix, Limango, Lascana and Heine.de.