Zalando, the online clothing retailer, confirmed its co-founder David Schneider will step down from his co-chief executive role and be replaced by David Schroder this September.
Schroder’s role will see him look to build the European group’s brand by developing new partnerships in a bid to capture a larger share of the continent’s €450 billion fashion industry.
Schneider will retain his role on the company’s management board, while fellow co-founder Robert Gentz will continue as co-chief executive alongside Schroder.
Schroder, who is currently the company’s chief operating officer, previously worked as Zalando’s finance chief between 2019 and 2022, having worked at the business since 2010.
Zalando was one of the many companies which enjoyed success during the pandemic but following the return to high streets, it struggled, with sales in 2022 and 2023 suffering a hit.
As the impacts of inflation and weakened demand hampered its earnings, Zalando’s market value fell back around 80% from its pandemic peaks.
However, this year the stock has gained around 17% due to the launching of a new strategy.
In the past, Zalando has relied on direct-to-consumer sales, with only 8% of revenues sourced from trading with other businesses.
Now, the group wants to scale its business-to-business operations and believes Schroder can be the man to do it.