Berlin-based curated fashion startups Outfittery and Modomoto join forces to accelerate the European expansion

Outfittery-Modomoto

The two Berlin-based curated fashion startups Outfittery and Modomoto are merging with the goal to find synergies and to accelerate growth in Europe. The slightly bigger company, Outfittery, is joining forces with Modomoto with a merger deal on an all-share basis. Both companies have a similar busines model targeting the online menswear market with a personal shopper approach.

Both companies have a big team of stylists who assist male fashion shoppers and assemble a box of clothes which is sent to the customers on a regular basis. Customers then have the option to either keep and pay for the box or to return the goods.

Combined, the two companies have have generated sales of roughly €80 million in the past 12 months. The combined company, which can be described as the European leader in personalized fashion shopping, will be led by Julia Boesch, co-founder and CEO of Outfittery. Modomoto’s management will stay on, with CEO Andreas Fischer becoming chief strategy officer. The revenue target for 2020 is said to be more than €100 million.

The new company will operate exclusively under the Outfittery brand, with about 450 employees in total, and is currently active in nine European markets. Outfittery was founded in 2012 and raised a total of about $60 million in venture capital.

For more info about Outfittery please make sure to check out our interview with the company’s CEO Julia Bösch.