German retailer Fashionette to merge with The Platform Group

Two German fashion businesses Fashionette and The Platform Group have finalised plans to merge their activities.

Since December 2022, Wiesbaden-based The Platform Group has been the majority shareholder of Fashionette, an online luxury accessories company based in Düsseldorf.

Dominik Benner, the CEO of Fashionette, said in a statement: “Merging the activities of both companies will create a new company in the platform sector that is profitable, grows in numerous sectors, and is slated to become Europe’s leading platform group.”

The company will operate under the name The Platform Group AG. Laura Vogelsang, a member of Fashionette’s management board, commented: “The previous activities of Fashionette AG will become part of the new group, we will successfully continue Fashionette’s positioning in the luxury segment and implement the entry into the platform business with luxury fashion in the fall.”

The Platform Group is currently active in 17 sectors with platform and software solutions, including fashion and footwear retail.

In fiscal year 2022, the group generated revenues of approximately 173 million euros and adjusted EBITDA of 15 million euros.

In the same year, Fashionette posted revenue of 165 million euros and adjusted EBITDA of 0.4 million euros.

In fiscal year 2023, both companies “plan to continue on their growth paths and expect increasing revenues and positive adjusted EBITDA margins”, they said.