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Zalando

Ecosystem strategy, March 2024 to 2028

Zalando is evolving from a platform to an ecosystem for fashion and lifestyle
Zalando’s strategy

Ecosystem strategy

In March 2024 Zalando set out to grow from a platform into an ecosystem for fashion and lifestyle, around two growth vectors: selling fashion and lifestyle to consumers, and opening its logistics, software, and services to other brands and retailers. It set targets for 2028, and raised the growth target after buying ABOUT YOU in July 2025.

Business-to-ConsumerBusiness-to-BusinessData and infrastructure platform
“They join us to offer their best assortments and stay to use our B2B services, powering their business both on and off Zalando across the complex European market.”
Zalando, on brands and retailers

Business-to-Consumer

“The go-to-destination for quality fashion and lifestyle shopping as well as inspiration”

  1. 01QualityStand out through quality at every step: the range, the digital experience, sustainable and inclusive choices, and convenience.
  2. 02Lifestyle destinationGrow categories such as Sports and Kids & Family into destinations of their own.
  3. 03Inspiration and entertainmentBring content into shopping, with personalised inspiration and entertainment.

Zalando has 62.5 million active customers across three apps: Zalando, ABOUT YOU, and Lounge by Zalando.

Partners made up 36.9% of B2C GMV in the second quarter of 2026, leaving out ABOUT YOU.

Retail media revenue grew 39.5% on the year before.

Business-to-Business

B2B

“The operating system to enable e-commerce across Europe on and off Zalando”

  1. Logistics(1/3)Run a shared network of fulfilment centres, return hubs, and carriers.
  2. Software(2/3)Offer tools for brands to run their whole online business, built on Tradebyte.
  3. Services(3/3)Let other providers add what brands need, such as content or financing.

More than 1,200 merchants and around €11 billion of GMV ran on the operating system in 2025.

B2B revenue rose 27.6% to €335 million in the second quarter of 2026.

The B2B margin rose from 4.3% to 12.2% on the year before.

GMV growth of 8% to 13% a year to 2028

GMV is the value of everything customers buy on Zalando’s apps, from Zalando and from its partners. The 2028 target is growth each year from 2023, when GMV was €14.6bn.

51015202530€bn8% to 13%€14.8bn€14.6bn€15.3bn€17.6bn2022202320242025202620272028With ABOUT YOUGuidanceTarget
2025
€17.6bn, up 14.7%, including ABOUT YOU from 11 July 2025.
2026
Growth in the lower half of 12% to 17%.
2028
8% to 13% a year, after ABOUT YOU, from 2023.

An adjusted EBIT margin of 6% to 8% by 2028

Zalando kept this target after buying ABOUT YOU, and gives a long-term target of 10% to 13%.,

Adjusted EBIT of €680 million to €720 million expected for 2026.

02468101214%20221.8%20233.5%20244.8%20254.8%20286–8%Long term10–13%

Sources,,

  1. The second business is built from the first.

    Zalando’s B2B vector sells the logistics, software, and services it spent more than sixteen years building for its own shop. We recommend asking what your company already does well for itself that others would pay for.

  2. The target changed when the company did.

    After buying ABOUT YOU, Zalando raised its 2028 growth target from 5% to 10% a year to 8% to 13%, measured from the same 2023 base, and kept its margin target of 6% to 8%. We recommend restating a target when the business changes shape, and saying what stays the same.

  3. One margin, three distances.

    Zalando gives adjusted EBIT for this year, a margin for 2028, and a long-term margin of 10% to 13%. We recommend setting a target at more than one distance, so this year’s figure can be read against where the company means to be.

Sources

  1. 1. Zalando SE (2024). Zalando evolves strategy to cover larger share of fashion and lifestyle e-commerce market with pan-European ecosystem for customers and partners. Press release, 13 March 2024. corporate.zalando.com
  2. 2. Zalando SE (2026). Zalando delivers strong 2025 results, expects further acceleration in 2026 through scaling AI innovations and announces a share buy-back of up to 300 million euros. Press release, 12 March 2026. corporate.zalando.com
  3. 3. Zalando SE (2026). Zalando delivers another quarter of profitable growth in Q2, accelerates B2B expansion and continues innovating through AI. Press release, 4 August 2026. corporate.zalando.com
  4. 4. Zalando SE (2026). Building the ecosystem for fashion and lifestyle e-commerce. Zalando Corporate, accessed 28 September 2026. corporate.zalando.com
  5. 5. Zalando SE (2026). Zalando’s Equity Story – Why to invest?. Zalando Corporate, accessed 28 September 2026. corporate.zalando.com

Headwater is not connected with Zalando SE. Zalando, ABOUT YOU, Lounge by Zalando, ZEOS, SCAYLE, and Tradebyte are trade marks of their owners. Updated 28 September 2026.

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