Shares in Europe’s largest online fashion retailer Zalando gave up most of their opening gains on the Frankfurt stock market debut yesterday.
After pricing at €21.50 shares soared as high as €24.10, but by the close of trading had retreated to just €21.569.
Berlin-based Zalando started out selling shoes in Germany in 2008, inspired by the US retailer Zappos, now owned by Amazon.
It competes with UK online retailer ASOS, which, until its sales started unravelling this year, had been a great success story.
Zalando’s core markets are Germany, Switzerland and Austria and it sees huge potential because it says it has just half a percentage point share of a European fashion market worth €420bn (£326.8bn).
Germany has a string of internet start-ups poised to join the stock market with Rocket Internet – the incubator which helped to launch Zalando and numerous other e-commerce sites – taking the plunge today.