All in the family: Direct retailer Otto Group gives an heir a bigger role
April 27, 2015 03:11 PM
One of the biggest e-commerce players in the world announced that a scion of its founding family will take on a more active role in the business.
Multichannel retailer The Otto Group, No. 2 in the Internet Retailer 2014 Europe 500, announced that it has hired Benjamin Otto as a creative partner and a member of its supervisory board effective June 1.
Benjamin Otto had been the co-founder and CEO of Collins, a fashion e-commerce platform startup that launched last May and now has about 200 employees, according to the company’s website. Collins is a subsidiary of the Otto Group.
“As a representative of the young Otto generation, I feel called upon to do my part in bringing the Otto Group completely into the digital age and to further strengthen its innovative power,” Benjamin said.
E-commerce grew steadily for The Otto Group in 2014, which owns more than 120 companies around the world, including U.S.-based home furnishings retailer Crate and Barrel, No. 81 in the Internet Retailer 2015 Top 50) Guide. Otto Group posted e-commerce revenues of 6.5 billion euros in 2014, up 7.7% from 6 million euros in 2013. While the Otto Group does business around the world, 64.6% of its e-commerce revenue (4.2 billion euros) comes from its home country of Germany. The retailer has disclosed plans to invest 300 million euros in e-commerce in 2015.