April 7, 2018 / 10:48 PM / a year ago

Otto chairman says About You unit could be listed: Welt am Sonntag

FRANKFURT (Reuters) - German retailer Otto Group could at some point list its fashion start-up About You on the stock exchange, Supervisory Board Chairman Michael Otto told a German newspaper.

The company last year said it was looking for a strategic partner for the unit to help fund international expansion, adding it had hired Goldman Sachs (GS.N) find a buyer for a stake.

“Currently we are looking for a strategic partner for our online shop About You to fuel its fast growth. That can be a retail company or an investor with experience in financial markets,” Michael Otto told Welt am Sonntag.

“I do not rule out a public listing of About You at a later stage,” he added.

Otto holds 94 percent of About You, while ProSiebenSat.1’s (PSMGn.DE) Seven Ventures and Berlin-based German Media Pool hold the remaining 6 percent.

German newspaper Boersen-Zeitung last year said that About You was valued at around 320 million euros ($393 million) in a first round of financing.

($1 = 0.8143 euros)

Reporting by Christoph Steitz; Editing by Stephen Powell

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