The European personal shopping market is on the cusp of a significant transformation with the merger of two industry leaders, Lookiero and Outfittery. This strategic alliance brings together two powerhouse companies that have been making waves in the online personal shopping space, with the combined entity, Lookiero Outfittery Group, boasting an impressive revenue of €130 million. Post-integration, the group is anticipated to achieve a double-digit EBITDA in millions, a testament to the substantial potential of this merger.
The merged entity will cater to a whopping 3 million customers across 13 European markets, with both brands continuing to operate on a shared technological platform to serve their loyal customer base – Lookiero for women and Outfittery for both men and women. This fusion promises to deliver an even more personalized experience for customers, thanks to the synergistic combination of technological capabilities and data. Moreover, both companies will maintain their respective headquarters in Bilbao and Berlin, ensuring a seamless continuation of their operations.
The merger holds considerable potential for value creation, particularly in the areas of technology, logistics, and platform management. The ultimate goal is to address customer needs in an even more innovative and specific manner. Furthermore, the companies complement each other in terms of their target audiences and market presence, with Lookiero having a strong foothold in France and Outfittery dominating the DACH region (Germany, Switzerland, and Austria).
At the helm of the merged entity will be the founders of both companies, who will continue to lead the way together. Oier Urrutia, CEO and founder of Lookiero, will assume the role of CEO of the combined group, while Julia Bösch, CEO and founder of Outfittery, will take on the position of Executive Chair, guiding the Board of Directors and focusing on strategy alongside Urrutia.
According to Julia Bösch, “Lookiero and Outfittery are two companies that fit together perfectly in terms of culture and expertise. Each of us brings complementary strengths that will contribute to our shared growth ambitions. We share a vision that the global fashion market needs a leading provider that offers a fully personalized digital shopping experience. Together with our teams, we will further develop our offering and inspire a growing international customer base with customized sets and style advice.”
Oier Urrutia adds, “This merger is a significant step forward; by combining our technological strengths and deep understanding of customers, we are creating the European leader in online personal shopping services. I am grateful to our teams and investors for making this possible.”
The merger was facilitated by advisors Arcano, Cuatrecasas, and PwC for Lookiero, and Raymond James, PXR, and PwC for Outfittery. As the Lookiero Outfittery Group embarks on this exciting new chapter, it’s clear that the future of personal shopping in Europe is looking brighter than ever.