Online shop Zalando defrauded of 140 million kroner – The Post

Online shop Zalando defrauded of 140 million kroner

Some customers never paid for purchased clothes

Zalando’s estimated market value is about 50 billion kroner (photo: iStock)
September 11th, 2015 4:15 pm| by Lucie Rychla

Online shop Zalando, which specialises in selling exclusive fashion brands, has fallen victim to massive fraud, costing the company some 140 million kroner.

Some customers took advantage of Zalando’s new payment system that was implemented at the beginning of the year.

Abusing a good will
The fashion retailer gave customers an option to pay using a giro transfer instead of settling the sale immediately.

And then a number of unknown people never bothered to pay for their purchase after receiving the ordered products.

Shocked investors
According to TV2 News, Zalando’s investors were shocked to find out something like this could happen to a company whose market value is estimated to be about 50 billion kroner.

One of the biggest shareholders is Danish billionaire Anders Holch Povlsen.

The matter has been reported to the police.