Auden AG announces 10.2% shareholding in Curated Shopping Group (MODOMOTO)
Berlin – 15. February 2017
- Rapid sales growth expected to propel European web retailer of stylist-assisted men’s fashion to first-time profitability in 2017
- One of the most exciting e-commerce ventures of its kind in the market, with a compelling equity story
- Investment capital to provide further boost to company’s growth and expansion
Auden AG, the Berlin-based investment company, is taking a 10.2 per cent shareholding in Curated Shopping Group (CSG). The ownership stake is being acquired against a direct capital investment of EUR 4 million in parallel with the conversion of a loan in the amount of EUR 1 million extended to CSG in November of last year.
“We see curated, stylist-assisted shopping as one of the most exciting e-commerce market segments to be found anywhere because high customer loyalty and per-customer revenue mean that margins are not only robust but also consistently and thus predictably so,” says Christofer Radic, CEO of Auden AG, in explaining the investment rationale for the new portfolio company. “Within this market segment, Curated Shopping Group has, since its founding in 2011, not only carved out a uniquely strong position in Germany with its own MODOMOTO curated online shopping service but also made a decisive step to expand impressively with its acquisition of The Cloakroom last year. As the company continues on its course of expansion in Europe and deeper penetration in the German-speaking market, we will now, with immediate effect, make our full resources available to support it.”
Curated shopping combines the convenience of online shopping with personalised, expert-assisted advice. Through MODOMOTO and The Cloakroom, CSG offers individualised, stylist-assisted online shopping for men’s apparel in seven European countries, combining fashion with personal service. The company’s business model is centred around friendly personal service and individualised advice from experts, which it sees as key success factors as e-commerce moves into its next stage of development. With a staff of over 250 and a dedicated logistics centre in Berlin, CSG offers a wide variety of men’s fashions, ranging from local designers to leading international brands.