Following today’s release of Zalando’s figures for the three months ending 30 September 2026; Louise Deglise-Favre, lead apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Zalando’s revenue growth slowed markedly in Q3 FY2026, rising 5.1% to €3.2bn, down from the 20.8% recorded in the prior quarter. This step down was largely expected, as the prior-year comparative now includes ABOUT YOU, which was consolidated from July 2025, meaning the acquisition no longer flatters reported growth. Even so, growing 5.1% across Europe against a backdrop of tough macroeconomic conditions and cautious consumer spending is an impressive result, and suggests Zalando continues to outperform the wider European apparel market. Adjusted EBIT rose 10.6% to €106.5m, with the margin edging up to 3.4% from 3.2% last year, supported by lower fulfilment costs, ABOUT YOU integration synergies and strong B2B growth. Zalando has confirmed its full-year guidance from August, continuing to expect GMV and revenue growth in the lower half of its 12%–17% range and adjusted EBIT of €680m–€720m.
“In its largest segment, B2C, revenue grew 2.8%, while active customers rose 2.9% to a new high of 63.2m. GMV grew across all three consumer apps, with the marketplace growth now clearly outpacing Zalando’s own retail business. The share of sales through partner brands rose 2.9ppts to 33.6% of B2C GMV, as Zalando is steadily switching to a higher-margin, capital-light platform model, building towards its 2028 target of a 40%–50% partner share. Zalando also unveiled Zalando Extended in November 2026, which brings products from other online shops onto the Zalando app, even though Zalando does not sell them itself. From 2027, customers will be able to buy these items without leaving the app, as Zalando’s own AI agent will complete the purchase for them. Westwing’s home and living range is the first to be added. This will allow Zalando to widen its range without holding any extra stock, while also earning advertising revenue from the shops it brings on board.
“Zalando’s B2B segment accelerated further, with revenue up 27.9%, driven by double-digit growth in Zalando Fulfilment Solutions. This service stores, packs and ships goods for the brands selling on Zalando’s marketplace, allowing Zalando to earn fulfilment fees. The fast-growing partner business is therefore feeding directly into B2B. The segment also continued to benefit from the strategic partnership with NEXT and the launch of Marks & Spencer in 22 markets in August, as well as the addition of Lascana, LC Waikiki and Champion as new clients. Zalando’s ecommerce software solution, SCAYLE, also gained new clients such as N Brown in the UK, and Neighborhood Intelligence, whose portfolio includes Bed Bath & Beyond, in the US. With B2B now generating around 40% of group adjusted EBIT from just over a tenth of revenue, the segment is becoming an increasingly important profit engine, helping to cushion the softer consumer environment.”
