Tengelmann backs shopping club Westwing

Nina Fowler 2013-11-18 0

couch

German retail giant Tengelmann is taking a new step into the online furniture business with an investment worth millions of euros in shopping club Westwing.

As part of the “double-digit million” deal, Tengelmann has received a stake of nearly eight per cent, Der Spiegel reported on SundayIn June 2013, Westwing claimed to have reached eight million registered members across Brazil, Europe and Russia and annualised turnover of $175m (about €130m).

Westwing co-CEO Philipp von Plato said in June that the two-year-old company planned to become profitable “in the next year”. 

Westwing has previously collected about €75m from investors including Rocket Internet (the Berlin-based internet company builder founded by Germany’s Samwer brothers), Summit Partners, Kinnevik, Holtzbrinck and Point Nine Capital.

Tengelmann Ventures and regular partner Rocket Internet have teamed up behind at least 12 other ventures, including now-defunct online furniture shop Mebelrama.

Image credit: Flickr user emdot

FOR RELATED POSTS, CHECK OUT:

VN:F [1.9.20_1166]
Rating: 0.0/5 (0 votes cast)

All images in this article are subject to the Creative-Commons-Lizenz (credit - no editing, CC BY-ND , link to the legally-binding license agreement). Excluded are pictures that are labelled differently, including from Panthermedia, Fotolia, Pixelio, Morguefile, along with press photos or publishers' own visual material.

Comments

comments