Dr. Rainer Hillebrand, deputy chairman of the board of Otto Group
25 Apr. 2013
Otto announces new e-commerce Project CollinsOtto Group has announced the launch of a new e-commerce business model named Project Collins for the beginning of 2014. With assortments from the segments of Fashion and Home Living, the new concept targets a young, female demographic. Benjamin Otto, son of entrepreneur and Supervisory Board Chairman Dr Michael Otto, and Tarek Müller are responsible for the project. A spokesperson has confirmed no more details are to currently be announced.
This new project is part of the new sharper focus on e-commerce the group announced. The company plans to raise its online turnover from today’s 5.7 billion to 8 billion euros by 2015. To achieve this, the group is investing some 300 million euros, particularly in multichannel retail and internet pure players. On the one hand the group aims to drive the development of promising start-ups and on the other hand to further develop its existing multichannel retailers.
Since autumn 2008 the Otto Group has been active in the venture-capital business, and is today invested in over 100 participations. Through the venture capital company e.ventures the Otto Group hold stakes in European, Asian, North and South American businesses, amongst others, plus twelve start-ups in Russia and now seven in Brazil. Since early 2012 the Otto Group is the main shareholder in Project A Ventures, which supports young online companies in the early phase; this venture has already secured participations in over a dozen start-ups. The group has already invested a three-figure million sum in participations in new business concepts via e.ventures and Project A.
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