Outfittery and Modomoto announce merger
German fashion start-ups Outfittery and Modomoto are merging. Exact deal terms were not disclosed, but for sure the new company will operate only under the Outfittery brand in the German-speaking countries, the Benelux, Sweden and Denmark.
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Outfittery and Modomoto are both based in Berlin and both offer a curated shopping service for men. Modomoto is the smaller company and both ecommerce players were competitors for almost ten years. That competition ends now, with the announced merger.
Jointly achieved sales of 80 million euros
With the merger, the new company wants to accelerate growth in Europe and become a stronger competitor to Zalando, which offers a similar curated shopping service, called Zalon. Outfittery and Modomoto have served almost 1 million customers and together they generated sales of 80 million euros in the past twelve months.
Julia Boesch, who is the co-founder and current CEO of Outfittery will head the new company. The target is to generate a revenue of over 100 million euros in 2020. Currently, Outfittery accounts for two thirds of the companies’ joint sales.