Anders Holch Povlsen, CEO and owner of the international clothes retailer chain Bestseller-Group and one of Denmark’s richest, has done a three-digit million investment in Miinto, reports Ehandel. Miinto is a Danish online platform which hosts hundreds of physical boutiques, providing people with the opportunity to shop locally in an easy way while at the same time giving smaller retail stores a chance to compete with the big chains.
Anders Holch Povlsen has in recent years invested in the majority of e-commerce stores. He has holdings in, among others, Asos and Zalando. Apart from online fashion he has also invested in the Danish food giant network Nemlig.com and the Swedish MatHem.se.
Now, however, this next fashion investment in e-commerce store Miinto becomes part of Anders Holch Povlsens portfolio. The exact amount of money is not made public but in the company’s Swedish press release Miinto announces that it is a three-digit investment in Swedish kronor, which is a double-digit million investment in Euros. Anders Holch Povlsen will thus become the majority shareholder, which the company announced will not affect the concept.
The investment from Anders Holch Povlsen will allow us, to a greater extent, to make consumers aware of our brand and our concept based on local online shopping. It requires that we all are on the same track, and with this investment, we are even more able to provide consumers with an alternative to the international online stores, says founder Konrad Kierklo.
Miinto, founded in 2009, connects products from over 1.000 physical retailers with online fashion shoppers. The platform is available in Sweden, Denmark, Norway and the Netherlands. In all these countries, and perhaps especially Denmark, an increase in competition from abroad is seen. This competition Miinto now wants to curb with its marketplace.
It’s a fantastic day for all of us at Miinto. I am both humble, happy and really proud of Anders Holch Povlsens investment in Miinto. We regard it as recognition that we are doing right and we are very excited about this new chapter that we are starting together, says Konrad.