Otto Group’s online revenues increase to €7.8 billion
Ecommerce shows to be an increasingly important part of the Otto Group’s business. The company saw its online revenues worldwide increase grow 10.9 percent to 7.8 billion euros. In Germany, the online business of the Otto Group generated revenues of over 5.4 billion euros, an increase of 10.2 percent. Growth drivers are OTTO and About You.
The Otto Group shared the preliminary figures for the 2017/18 financial year earlier this week. The multichannel retail segment grew by 7.4 percent to over 10.5 billion euros. And according to the German company, ecommerce was, once again, a key factor in this growth. “The Otto Group is maintaining its position as the second largest ecommerce player in Germany and one of the largest in the world”, it commented.
Otto and About You are growth drivers
Especially, the better than expected development of Otto and About You added to the growth figures. Otto grew for the eight year in a row and is now really transforming into a platform that allows external vendors rather than being just an online retailer. The Otto Group’s flagship company saw its revenus increase by 8.5 percent to just under 3 billion euros, while its active customers grew 8 percent to 6.6 million.
About You sees revenues increase to 283 million
About You is another ecommerce company that achieved better results than the company initially expected. The online fashion platform saw its revenues increase by 110 percent to 283 million euros. The actual goal was to generate 250 million euros in sales. The online fashion store launched in the Netherlands in June of last year. It’s currently active in Germany, Austria, Switzerland, the Netherlands and Belgium.