The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised the Otto Group on the investment of Heartland A/S in ABOUT YOU, Otto Group’s fashion-tech start-up. Heartland A/S is the investment holding company of one of Europe’s largest fashion retail groups, Bestseller A/S. The investment by Heartland A/S is part of a financing round of approximately US$ 300 million in total. Heartland A/S acquires a double-digit percentage stake in ABOUT YOU as part of the transaction. Otto Group remains as the largest shareholder, however going forward ABOUT YOU will be managed as an Otto Group portfolio company.
ABOUT YOU is one of Europe’s fastest-growing fashion-tech start-ups. For the 2018/2019 financial year, the company is targeting a revenue increase from €283 million to between €450 and €480 million. ABOUT YOU plans to use the fresh capital to fund future growth and the expansion into new markets.
The planned investment by Heartland A/S in ABOUT YOU is subject to formal approval by the antitrust authorities.
A Milbank team led by Norbert Rieger and Sebastian Heim comprehensively advised Otto Group on corporate, tax, antitrust and finance law in relation to the transaction.
Advisor to Otto Group: Milbank LLP
Norbert Rieger, Sebastian Heim (joint lead, both Corporate/M&A, Munich), Rolf Fueger (Tax, Munich), Alexander Rinne (Antitrust, Munich), Ulrike Friese-Dormann (Corporate/M&A, Munich), Pascal Haerdtner (Corporate/M&A, Munich), Karen Frehmel-Kueck (Corporate/M&A, Frankfurt), Moritz Lichtenegger (Antitrust & Competition, Munich), Nikolas Koutsós, Thomas Moeller (both Finance, Frankfurt), Moritz Philipp (Tax, Munich), Fritz Schuchmann (Corporate/M&A).
