In its second-largest acquisition, Amazon buys the company for $970 million.
E-commerce in fiscal 2013 accounted for 48% of total revenue.
In a tough European retail environment Otto Group still managed to post respectable e-commerce growth for its 2013 fiscal year.
- For the fiscal year ended Feb. 28, Otto, which has a portfolio of more than 100 European e-commerce sites and is No. 2 in the Internet Retailer 2012 Top 400 Europe, reported:
- E-commerce sales rose year over year 7.5% to $7.30 billion (5.61 billion euro) from $6.79 billion (5.22 billion euros).
- Total sales increased about 1.5% to $15.13 billion (11.62 billion euro) from $14.90 billion (11.45 billion euros) in fiscal 2012.
- The web accounted for 48.2% of all sales in fiscal 2013 compared with 45.6% in fiscal 2012.
Otto didn’t release net income or fourth quarter metrics.
Otto grew e-commerce in the last fiscal years by acquisition, through expansion into Russia and other international markets, and by concentrating on its core online sales segments of new fashion and active lifestyle apparel and accessories, says chairman of the executive board Hans-Otto Schrader. “In the past financial year we achieved core goals and clearly increased profit,” Schrader says. “In the current financial year, which has started well, we plan targeted and substantial investments in e-commerce activities.“
In December, Otto acquired the assets of Neckermann Gruppe, once one of the biggest mail order and online retailers in Germany. Otto acquired Neckermann after submitting the winning bid to a German bankruptcy court in Frankfurt. The purchase price was not disclosed.
Otto is the parent company of Crate & Barrel, No. 59 in the 2012 Internet Retailer Top 500.