Connect with us

Fashion

Bestseller CEO’s Klarna stake drives $1.7 billion investment comeback

Published

on


By

Bloomberg

Published



September 11, 2025

Anders Holch Povlsen has accumulated stakes in listed online retailers, banks, and other finance firms over the past two decades, while overseeing one of the world’s largest closely held fashion fortunes.

Anders Holch Povlsen – Photographer: Tariq Mikkel Khan/AFP

But it’s a lucrative bet on Klarna Group Plc that’s currently driving the 52-year-old billionaire’s wealth revamp.

Povlsen, chief executive officer of Danish clothing retailer Bestseller, is among the biggest winners from the initial public offering of the financial technology company, which began trading Wednesday in New York and closed almost 15% above its offering price of $40 per share.

He now owns a roughly $1.4 billion stake in the Swedish business, making it his largest holding in a publicly traded company, while also cashing in at least $250 million from the offering, which priced above the marketed ranges, according to Bloomberg calculations. Povlsen has overall gains of more than 600% from his investment in the provider of buy-now, pay-later financing, taking the value of his disclosed holdings in listed companies to about $2.5 billion, the calculations show.

A representative for Povlsen — who has a total net worth of $6.9 billion, according to the Bloomberg Billionaires Index — didn’t immediately respond to requests for comment.

Despite Klarna’s current valuation falling well below its 2021 peak of $45.6 billion, Povlsen’s investment underscores one of his most successful efforts to diversify a family fortune that began five decades ago, when his parents founded Bestseller as a women’s clothing store in a small Danish town.

Povlsen acquired a 10% stake in Klarna in mid-2017 through his family office, Heartland, just weeks before the fintech was valued at approximately $2.3 billion. He earlier used the investment firm to acquire holdings in e-commerce fashion sites Zalando SE and ASOS Plc. Heartland’s other listed assets include Funding Circle Holdings Plc, a London-based lending platform that has struggled since its initial public offering in 2018.

While also a major landowner in Scotland, most of Povlsen’s fortune remains tied up in Bestseller, where he first began working as a teenager before taking over from his parents as owner and managing director in 2001.

In a rare interview this year to mark Bestseller’s 50th anniversary, Povlsen said he originally wanted to start an e-commerce firm before deciding to work in the family business, underscoring his long-standing interest in the sector that Klarna has helped transform since its own creation in 2005.

“My parents did everything they could to dissuade me from following in their footsteps,” he told the Spin Off fashion magazine. “The more they tried, the more my interest in Bestseller grew.”

Other winners in Klarna’s IPO include the founders Victor Jacobsson, Niklas Adalberth, and Sebastian Siemiatkowski, who’s also its CEO. They cashed in at least $50 million of their combined holdings in the oversubscribed IPO, which valued the company at approximately $15 billion, according to filings.

The three now control overall stakes worth more than $2 billion in Klarna, a company that has evolved from a European clone of PayPal Holdings Inc. to one of the world’s biggest providers of short-term consumer loans as it seeks to disrupt the banking sector.

“You have to be willing to push the envelope,” Siemiatkowski said in an interview Tuesday with Bloomberg News.



Source link

Continue Reading

Fashion

From entering Portugal to launching its beauty category in Spain, Zalando takes stock of 2025

Published

on


Published



December 10, 2025

In 2025, Zalando has stepped up its pace in the Iberian Peninsula with two key moves: it entered Portugal and expanded its offering in Spain with the launch of its beauty category there. These two developments align with the German platform’s ambition to be more than a purely transactional tool; it aims to be a place of inspiration and entertainment for its customers.

Zalando takes stock of 2025 in the Iberian Peninsula – Shutterstock

One of Zalando’s milestones on a global- and, of course, Iberian- scale was its entry into Portugal last October, a launch accompanied by its suite of technological tools, such as its AI assistant, available in Portuguese, and partnerships with local brands to help them, in a two-way relationship, reach a European audience.

Portugal is the company’s 26th market, and its activities in southern Europe are grouped within the cluster led by Eloisa Siclari, which includes Portugal, Spain, and Italy. Portuguese customers have access to a catalogue of more than 200,000 items and, although it has been operating in the country for just over two months, the European giant notes Portuguese consumers’ strong propensity to shop the streetwear category.

Zalando’s arrival in Portugal also strengthens the link between the Portuguese and Spanish markets: the platform’s logistics centre in Illescas (Toledo) serves Portuguese customers, cementing the complex’s status as “a key logistics hub in southern Europe.” The same centre has expanded its operations in recent months into the beauty category, supporting the German e-tailer’s expansion into this segment.

New key partnerships in the Spanish market

Zalando describes Spain as “a fundamental market,” both for its potential and because Spanish brands are “a key growth driver” for the platform and a “valuable asset” for its customers. In 2025, the German company signed agreements with Spanish labels such as Bimba y Lola, Hoff, Aristocrazy, Tous, Brownie and, more recently, Unode50.

The company maintains that brands find in it not only another sales channel, but a “gateway” to more than 52 million customers in the continent’s key markets. It illustrates this with the performance of Singularu, a Spanish jewellery brand with 80 stores in Spain and turnover of €30 million in 2024, which is relying on the German giant for its European expansion in e-commerce. According to figures provided by Zalando, the jewellery brand grew 117% year-on-year in 2025 on the platform, with more than 10 million visits (up from 5.7 million a year earlier), and 74% of its sales via the e-tailer coming from Germany, Belgium, Poland, and Italy.

Singularu is one of the Spanish brands featured on Zalando
Singularu is one of the Spanish brands featured on Zalando

“6% of the audience with brand affinity interacts with Singularu; in other words, the brand already ‘resonates’ on Zalando, but there is still much to capture by expanding coverage to audiences adjacent to trend-led jewellery,” explained the business.

“On a platform it’s difficult to project what your brand is all about, but Zalando allows us to reach audiences we can’t access otherwise. And we can do that with our visual proposition and by deciding what we want to communicate. We are very happy with this relationship, which is increasingly close, and the results back it up,” said Fernando Peris, vice-president of e-commerce and marketplaces at Singularu.

“Why does Zalando choose to collaborate with local brands? In Spain, for example, consumers demand Spanish brands. It is beneficial for them, but also for us as a platform. The fact that local brands have an international clientele is also a success; there are brands with a lot of potential. And there is some national pride there,” said Eloisa Siclari, Zalando’s managing director for southern Europe.

Also in 2025, Zalando marked one year since the launch of its revamped Plus programme in the Spanish market, rolled out in summer 2024. By 2026, it plans to expand the programme and offer customer experiences, “going beyond transactional benefits”.

And beyond Iberia? Next year is shaping up to be one of expansion for the European company: it plans to enter new markets, as well as strengthen its in-house logistics and bolster its operations.

This article is an automatic translation.
Click here to read the original article.

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Calvin Klein opens new flagship store in SoHo, New York

Published

on


Published



December 10, 2025

Calvin Klein opened on Tuesday a new global flagship in New York City, marking the brand’s return to its hometown.

Calvin Klein opens new flagship store in SoHo, New York. – Calvin Klein

Located at 530 Broadway in SoHo, the over 3,000-square-foot store draws inspiration from New York’s signature loft apartments, characterized by open wood ceilings, cast columns and concrete flooring, paired with neutral tones and stainless steel fixtures.

Meanwhile, the store’s exterior is finished in the brand’s charcoal tone, with large windows displaying a seasonal visual concept created in partnership with Perron Studios.

The store features curated spaces with denim and underwear at the center of the assortment, alongside men’s and women’s apparel and accessories. Beginning in spring 2026, the location will offer select styles from Calvin Klein Collection during designated periods. To mark the opening, the SoHo flagship is releasing a limited capsule collection of tees, sweatshirts, hats and totes featuring custom Calvin Klein SoHo branding.

“We are proud to return to one of the world’s most fashionable cities – and the birthplace of our iconic brand – with an elevated retail expression,” said David Savman, global brand president, Calvin Klein.

“This new global flagship, located just steps from our landmark Houston Street billboard, is a tribute to Calvin Klein’s New York heritage. It represents both the evolution of our retail experience and a tangible expression of the world of Calvin Klein. Calvin Klein embodies a distinctive, global way of living that meets culture, and this store is the latest step on our journey of taking our brand to the next level.”

The store follows recent flagship openings in Paris and Tokyo and reflects the company’s strategy to create premium lifestyle destinations built around its minimalist design DNA.

“New York is central to the DNA of the Calvin Klein brand,” added Stefan Larsson, CEO, PVH Corp.

“This homecoming is a key milestone as we build Calvin Klein into one of the most desirable lifestyle brands in the world. Step by step, we’re deepening brand relevance, driving consumer engagement and strengthening brand positioning across North America and globally.”

Copyright © 2025 FashionNetwork.com All rights reserved.



Source link

Continue Reading

Fashion

Swatch and Citizen face Italian scrutiny over pricing practices

Published

on


By

Reuters

Published



December 10, 2025

The Italian competition authority said on Tuesday it had opened two investigations into Swiss watchmaker Swatch and Japan’s Citizen Watch.

Reuters

The ⁠probes involve an alleged infringement of European ⁠rules on the fixing of retail prices displayed online by the ‍groups’ ‌authorised distributors. 

The two companies may ⁠be limiting ‌price competition among their ‌retailers through a vertical agreement, by imposing retail prices on their distributors and adopting “retaliatory ‍commercial measures” against those that fail to comply, the antitrust ‌authority ⁠said ​in a statement. 

The agency’s ⁠officials ​carried out inspections at the Italian offices of Swatch and ​Citizen on December 3.

Swatch and Citizen did not ⁠immediately respond ⁠to a request for comment. 

© Thomson Reuters 2025 All rights reserved.



Source link

Continue Reading

Trending

Copyright © Miami Select.