German retailer Otto Group is seeking an investor for its fashion start-up About You to help fund international expansion, a spokesman for the group said on Tuesday, confirming a report by daily Boersen-Zeitung.
Family-owned Otto has hired Goldman Sachs to help find a buyer for a stake in About You, the spokesman said, declining to comment further.
Boersen-Zeitung had cited financial sources as saying that Otto could sell 25 to 30 percent of About You via a capital increase. A stock market flotation is also possible in the medium term, the paper had said.
Otto holds 94 percent of the unit, while ProSiebenSat.1’s Seven Ventures and Berlin-based German Media Pool hold the remaining 6 percent.