29 June 2026
Germany’s financial watchdog BaFin has opened a review of Zalando’s 2025 consolidated financial statements and management report, citing “concrete indications” that the online fashion retailer may have breached accounting rules connected to its acquisition of About You.
BaFin said it would publish the outcome regardless of whether it identifies an accounting error. The review is focused on whether Zalando gave proper disclosure in the notes to its annual accounts for a deal involving a related party, while the underlying transaction is not in question.
According to Reuters, the issue concerns the omission of the fact that Danish billionaire Anders Holch Povlsen, Zalando’s biggest shareholder, also held a stake in About You at the time of the acquisition.
Zalando said it had received notice of the review and was in “close and constructive dialogue” with BaFin, adding that the review had no impact on its financial KPIs or performance.
In an official statement, the company described the matter as a “formal and materially insignificant aspect of the notes to the financial statements”.
It added: “All relevant information regarding the acquisition of the About You shares, including the companies involved, the transaction structure, and the purchase price, was already publicly accessible as part of the public tender offer.”
Zalando shares fell about 7% on 26 June after the review became public, erasing most of the stock’s gains for the year. In its first-quarter results published in May, Zalando noted that its integration of About You had already contributed positively to the group’s revenue and profit.
Group revenue grew by 23.8% on a reported basis, reaching €3 billion, while adjusted EBIT rose 38.7% to €65 million. The company noted that its adjusted EBIT margin had improved from 1.9% to 2.2%, supported in part by €10 million in synergies from the About You acquisition, before integration costs.
Within the B2C segment, Zalando further highlighted that the About You consumer-facing app had delivered double-digit growth.
Robert Gentz, Co-CEO of Zalando, commented on the results, saying that he was “very satisfied with the progress in … integrating About You.”
Zalando and About You first announced their intention to combine in December 2024. In July 2025, Zalando acquired about 91% of About You’s share capital through a voluntary takeover offer and additional share purchases in a deal valued at about €1.13 billion.
The final legal step was completed in November 2025, with the remaining minority shareholders’ stakes in About You transferred to a Zalando subsidiary at €6.50 per share.
