Regions

German online clothing retailer, Zalando GmbH said that it was contacted by banks about a possible IPO. Zalando planned to transfer its technology staff for the second time this year. The result of the move was expected to increase the company's sale by 10 folds.

According to two people familiar with the matter, banks reached out to the company several times regarding a possible initial public offering. Sources asked not to be named as the matter was private.

However, the spokesman for the online retailer, Steffen Heizelmann said that the company has no plans to launch an IPO.

Zalando co-CEO Rubin Ritter said in an interview that the company is not for sale and its shareholders are happy with their investment. The said investors included Investment AB Kinnevik, DST Global LP, Quadrant Capital and JPMorgan Chase & Co. The online retailer's operations in Austria, Germany and Switzerland broke even last year before interest and tax.