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Eversheds comment: Zalando launches German IPO

  • Germany
  • United Kingdom


    Zalando, Europe's largest online fashion retailer, is set to debut on the Frankfurt Stock Exchange on 1 October. Matthias Heisse, managing partner in Munich for law firm Eversheds, comments:

    “Zalando is a small version of Alibaba, and I am confident that the stock market launch is the beginning of a success story. However, we once again see evidence of the German Angst, since most of the investors are institutional investors, not just ordinary people. On 2 October the next important ‘new market’ market launch will take place with Rocket Internet. It is hardly predictable how the value or stocks will develop. Rocket Internet is in deficit, just like Zalando, so everyman’s German Angst continues to seem legitimate.

    “The German Angst regarding stocks results from the so-called Black Friday (13 May 1927), two years before the Wall Street Crash in 1929. From this time on, shares and stocks were seen as a risky business. In the late 1990s the Germans became braver and Deutsche Telekom (a formerly state-owned enterprise) offered low-price shares. In fact, the price was not low enough, so many private investors lost a lot of money and Deutsche Telekom was not as successful as expected. The next step was the dotcom bubble – that’s why the German Angst returned and continues, especially with regard to internet companies.”


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