May 9, 2014 / 6:10 AM / in 4 years

Zalando closer to break even as considers $5 bln listing

BERLIN, May 9 (Reuters) - Europe’s biggest online fashion retailer Zalando, mulling a possible flotation later this year, is getting closer to breaking even as sales growth slowed slightly in the first three months of 2014.

Zalando said sales rose 35 percent to 501 million euros ($694.53 million)in the first quarter, slightly down from a 36 percent growth rate in the previous quarter, while the group’s core margin improved significantly in the period.

Asked about reports that Zalando could be planning a stock market listing in the third quarter, Rubin Ritter, a member of the management board, told Reuters: “Let’s see what the future brings. We are focused on building the business.”

Zalando has picked banks to organise what could be Europe’s biggest technology offering since 2000 valuing the company at more than $5 billion, people familiar with the plans told Reuters on Wednesday.

The Berlin-based retailer, whose rivals include Britain-based ASOS Plc, started selling shoes in Germany in 2008 and now ships 1,500 different brands to customers in 15 countries. ($1 = 0.7214 Euros) (Reporting by Emma Thomasson; Editing by Kirsti Knolle)

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